[March 04, 2015] |
|
Spok Reports Fourth Quarter and 2014 Operating Results; Consolidated Quarterly Revenue Increases
Spok
Holdings, Inc. (NASDAQ: SPOK), a global
leader in critical communications, today announced operating results
for the fourth quarter and year ended December 31, 2014. In addition,
the Company's Board of Directors declared a regular quarterly dividend
of $0.125 per share, payable on March 30, 2015 to stockholders of record
on March 18, 2015.
For the fourth quarter, consolidated revenue was $51.3 million, compared
to $54.7 million in the fourth quarter of 2013 and $49.8 million in the
third quarter of 2014 and represented Spok's second consecutive quarter
of consolidated revenue growth. Software revenue increased to a record
high $19.6 million in the fourth quarter, compared to $18.9 million in
the fourth quarter of 2013 and $16.9 million in the third quarter of
2014. Wireless revenue totaled $31.7 million in the fourth quarter,
compared to $35.8 million in the year-earlier quarter and $32.9 million
in the prior quarter.
Fourth quarter EBITDA (earnings before interest, taxes, depreciation,
amortization and accretion) totaled $8.7 million, or 16.9 percent of
revenue, compared to $16.0 million, or 29.2 percent of revenue, in the
year-earlier quarter, and $12.3 million, or 24.7 percent of revenue, in
the third quarter of 2014.
Net income for the fourth quarter was $6.9 million, or $0.31 per fully
diluted share, compared to $8.0 million, or $0.36 per fully diluted
share, in the fourth quarter of 2013.
For the full-year 2014, consolidated revenue was $200.3 million,
compared to $209.8 million in 2013. Of the total, wireless revenue was
$132.4 million and software revenue was $67.9 million, compared to
$149.5 million and $60.3 million, respectively, for 2013. Software
revenue increased 12.5 percent from 2013.
EBITDA for 2014 was $44.8 million, or 22.4 percent of revenue, compared
to $60.7 million, or 28.9 percent of revenue, for 2013.
Net income for 2014 was $20.7 million, or $0.94 per fully diluted share,
compared to net income of $27.5 million, or $1.25 per fully diluted
share, for the previous year.
Other key results and highlights for the fourth quarter and 2014
included:
-
Software bookings for the fourth quarter increased to $22.3 million
from $16.3 million in the year-earlier quarter, and reached an
all-time high for the third consecutive quarter. Fourth quarter
bookings included $13.0 million of operations bookings and $9.3
million of maintenance renewals. For 2014, bookings increased 23.7
percent to a record high $78.5 million from $63.5 million in 2013.
Operations bookings for 2014 also reached an all-time high of $45.1
million.
-
Software backlog totaled $42.4 million at December 31, 2014, compared
to $42.1 million at September 30, 2014, and $40.2 million at year-end
2013.
-
Of the $19.6 million in software revenue for the fourth quarter, $11.6
million was operations revenue and $8.0 million was maintenance
revenue, compared to $11.8 million and $7.1 million, respectively, of
the $18.9 million in software revenue for the fourth quarter of 2013.
-
The renewal rate for software maintenance in the fourth quarter was
99.5 percent.
-
The quarterly rate of paging unit erosion improved to 1.4 percent in
the fourth quarter, compared to 2.2 percent in the year-earlier
quarter, and was the Company's lowest net unit loss rate in more than
a decade. The annual rate of unit erosion improved to 8.7 percent in
the quarter versus 9.2 percent in the year-earlier quarter. Net paging
unit losses were 18,000 in the fourth quarter versus 32,000 in the
fourth quarter of 2013. Paging units in service at December 31, 2014
totaled 1,256,000, compared to 1,376,000 a year earlier.
-
The quarterly rate of wireless revenue erosion was 3.6 percent in the
fourth quarter versus 3.3 percent in the year-earlier quarter, while
the annual rate of wireless revenue erosion was 11.6 percent versus
10.2 percent in the fourth quarter of 2013.
-
Total paging ARPU (average revenue per unit) was $7.92 in the fourth
quarter, compared to $8.15 in the year-earlier quarter and $7.97 in
the prior quarter. For the year, ARPU totaled $7.93,
compared to $8.20 in 2013.
-
Consolidated operating expenses (excluding depreciation, amortization
and accretion) totaled $42.6 million in the fourth quarter, compared
to $38.7 million in the year-earlier quarter. For 2014, operating
expenses were $155.4 million, compared to $149.1 million in 2013.
-
Capital expenses were $1.4 million in the fourth quarter, compared to
$2.6 million in the year-earlier quarter. For 2014, capital expenses
totaled $7.7 million, compared to $10.4 million in 2013.
-
The number of full-time equivalent employees at December 31, 2014
totaled 587, compared to 631 at year-end 2013.
-
Capital returned to stockholders in 2014 in the form of dividends and
share repurchases totaled $10.8 million and $4.3 million, respectively.
-
The Company's cash balance at December 31, 2014 was $107.9 million,
compared to $89.1 million a year earlier.
"We ended the fourth quarter and full-year 2014 on a very positive
note," said Vincent D. Kelly, president and chief executive officer,
"meeting or exceeding our expectations on virtually all key operating
measures, including revenue, cash flow, software bookings and subscriber
churn. Consolidated revenue increased for the second consecutive
quarter, software revenue and bookings reached record highs, our backlog
and pipeline remained strong, and paging unit churn improved to its best
level in many years. Overall, we continued to operate profitably,
enhance our product offerings, expand our global market reach,
strengthen our balance sheet, 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: "Total software revenue
increased 15.7 percent in the fourth quarter from the prior quarter --
the second consecutive quarter of revenue growth - and grew 12.5 percent
in 2014 to $67.9 million from $60.3 million in 2013." Kelly attributed
higher fourth quarter software revenue primarily to increased deliveries
of software, hardware and professional services to the Company's
expanding worldwide customer base. He also noted that higher software
revenue was due in part to the completion of numerous projects with
larger contract values than in previous quarters. "Overall, both
operations and maintenance revenue remained strong throughout the year,"
he added, "with the 10.6 percent increase in maintenance revenue
reflecting our continued success in achieving maintenance renewals rates
in excess of 99 percent."
Kelly said record high bookings of $22.3 million for the quarter
included $13.0 million of operations bookings, which reached an all-time
high for the third straight quarter. For the year, bookings increased
23.7 percent to a record high $78.5 million. "Bookings included sales to
both new and existing customers, with many existing customers upgrading
applications as well as adding products to expand their portfolio of
communications solutions. Demand remained strong for upgrades and
installations of call center solutions, along with healthcare
applications to increase patient safety, improve nursing workflows and
enhance organizational efficiencies." Kelly added: "Customer demand also
remained strong for such software solutions as critical smartphone
communications, secure texting, emergency management, and clinical
alerting. Our public safety sector also grew substantially during the
quarter as our software sales team added 13 new accounts."
Kelly said software sales continued to increase throughout both North
American and international markets. "We continued to make significant
inroads in Europe, the Middle East and the Asia-Pacific region where our
healthcare solutions continue to attract significant interest. At the
same time, we continued to build a solid pipeline of new business leads
throughout targeted markets worldwide." Kelly added that Spok's sales
team pursued numerous combined software and wireless sales initiatives
during the quarter, resulting in 30 new accounts that represented more
than $1.8 million in software bookings.
The Company also posted solid results for its wireless products and
services in the fourth quarter. "Gross pager placements totaled 35,000
versus 36,000 in the year-earlier quarter, while gross disconnects of
53,000 improved from 68,000 in the fourth quarter of 2013," Kelly said.
"As a result, quarterly net pager losses declined to historically low
levels. Overall, wireless sales efforts continued to focus primarily on
our core market segments of Healthcare, Government and Large Enterprise,
which represented approximately 93.5 percent of our direct subscriber
base and 90.2 percent of our direct paging revenue at year end.
Healthcare comprised 77.4 percent of our direct subscriber base, and
continued to be our best performing market segment with the highest rate
of gross placements and lowest rate of unit disconnects."
Kelly noted the Company successfully completed several other major
initiatives in 2014, including the integration of its two operating
subsidiaries and its name change to Spok. "We believe the consolidation
our of software and wireless businesses in January 2014 not only created
major operating efficiencies but allowed us to better serve all of our
customers as a single source provider of their critical communications
needs. Similarly," Kelly added, "changing our corporate name to Spok in
July was very well received by customers along with others both inside
and outside the Company. As part of a global rebranding initiative, we
believe the name change better reflects our identity as a leader in
critical communications and has already resulted in new business
opportunities for us in various geographic and vertical markets
worldwide."
The Company's business transition and global expansion in 2014 also
resulted in several key additions to senior management during the year.
Among them, Hemant Goel joined Spok as Chief Operating Officer, Donna
Scott was named Senior Vice President of Marketing, Kyle Gunderson was
appointed Vice President Development and Chief Technology Officer, and
Danielle Brogan joined the Company as Controller and Chief Accounting
Officer. "We believe the addition of these experienced business
executives is another important step as we continue to grow our business
over time," said Kelly.
Kelly also noted that Spok returned capital to stockholders in the
fourth quarter in the form of quarterly cash dividends totaling $2.8
million and repurchased 263,772 shares of common stock totaling $4.3
million, or $16.36 per share, under its stock buy-back program. "Over
the past 10 years," he added, "we have generated $913.5 million in free
cash flow, paid $428.4 million to our stockholders in cash dividends,
and repurchased $64.1 million of our common stock."
Shawn E. Endsley, chief financial officer, said: "Strong revenue from
both software and wireless, combined with focused expense management,
helped us maintain solid operating cash flow, EBITDA and operating
margins for the quarter even as we continued to invest in resources and
opportunities for long-term growth. We also strengthened our balance
sheet, recording a cash balance of $107.9 million at December 31, and
continued to operate as a debt-free company at year end."
Commenting on the Company's previously provided financial guidance for
2014, Endsley noted: "We are pleased that 2014 results were largely
consistent with our guidance. For the year, total revenue of $200.3
million was within our guidance range of $183 million to $201 million,
operating expenses of $155.4 million were within our guidance range of
$147 million to $156 million, and capital expenses of $7.7 million were
within our guidance range of $7 million to $9 million." With regard to
financial guidance for 2015, Endsley said the Company expects 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 fourth quarter
and 2014 operating results at 10:00 a.m. Eastern Time on Thursday, March
5, 2015. Dial-in numbers for the call are 785-830-7992 or 800-768-6569.
The pass code for the call is 7872653. A replay of the call will be
available from 1:00 p.m. ET on March 5 until 1:00 p.m. on Thursday,
March 19. Replay numbers are 719-457-0820 or 888-203-1112. The pass code
for the replay is 7872653.
* * * * * * * * *
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. More than
125,000 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
|
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
|
|
|
|
For the twelve months ended
|
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
|
12/31/2013
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
|
12/31/2013
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
|
|
|
|
|
$
|
31,678
|
|
|
|
|
$
|
35,831
|
|
|
|
|
$
|
132,402
|
|
|
|
|
$
|
149,448
|
|
Software
|
|
|
|
|
|
19,591
|
|
|
|
|
|
18,854
|
|
|
|
|
|
67,871
|
|
|
|
|
|
60,304
|
|
Total revenue
|
|
|
|
|
|
51,269
|
|
|
|
|
|
54,685
|
|
|
|
|
|
200,273
|
|
|
|
|
|
209,752
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
|
10,571
|
|
|
|
|
|
7,500
|
|
|
|
|
|
32,556
|
|
|
|
|
|
27,915
|
|
Service, rental and maintenance
|
|
|
|
|
|
11,285
|
|
|
|
|
|
11,442
|
|
|
|
|
|
45,485
|
|
|
|
|
|
47,471
|
|
Selling and marketing
|
|
|
|
|
|
7,915
|
|
|
|
|
|
7,297
|
|
|
|
|
|
30,013
|
|
|
|
|
|
26,617
|
|
General and administrative
|
|
|
|
|
|
11,905
|
|
|
|
|
|
11,470
|
|
|
|
|
|
45,896
|
|
|
|
|
|
46,105
|
|
Severance and restructuring
|
|
|
|
|
|
926
|
|
|
|
|
|
981
|
|
|
|
|
|
1,495
|
|
|
|
|
|
983
|
|
Depreciation, amortization and accretion
|
|
|
|
|
|
4,049
|
|
|
|
|
|
3,680
|
|
|
|
|
|
16,677
|
|
|
|
|
|
15,167
|
|
Total operating expenses
|
|
|
|
|
|
46,651
|
|
|
|
|
|
42,370
|
|
|
|
|
|
172,122
|
|
|
|
|
|
164,258
|
|
% of total revenue
|
|
|
|
|
|
91.0
|
%
|
|
|
|
|
77.5
|
%
|
|
|
|
|
85.9
|
%
|
|
|
|
|
78.3
|
%
|
Operating income
|
|
|
|
|
|
4,618
|
|
|
|
|
|
12,315
|
|
|
|
|
|
28,151
|
|
|
|
|
|
45,494
|
|
% of total revenue
|
|
|
|
|
|
9.0
|
%
|
|
|
|
|
22.5
|
%
|
|
|
|
|
14.1
|
%
|
|
|
|
|
21.7
|
%
|
Interest expense, net
|
|
|
|
|
|
(262
|
)
|
|
|
|
|
(64
|
)
|
|
|
|
|
(456
|
)
|
|
|
|
|
(260
|
)
|
Other (expense) income, net
|
|
|
|
|
|
(188
|
)
|
|
|
|
|
15
|
|
|
|
|
|
(368
|
)
|
|
|
|
|
105
|
|
Income before income tax expense
|
|
|
|
|
|
4,168
|
|
|
|
|
|
12,266
|
|
|
|
|
|
27,327
|
|
|
|
|
|
45,339
|
|
Income tax benefit (expense)
|
|
|
|
|
|
2,744
|
|
|
|
|
|
(4,251
|
)
|
|
|
|
|
(6,582
|
)
|
|
|
|
|
(17,809
|
)
|
Net income
|
|
|
|
|
$
|
6,912
|
|
|
|
|
$
|
8,015
|
|
|
|
|
$
|
20,745
|
|
|
|
|
$
|
27,530
|
|
Basic net income per common share
|
|
|
|
|
$
|
0.32
|
|
|
|
|
$
|
0.37
|
|
|
|
|
$
|
0.96
|
|
|
|
|
$
|
1.27
|
|
Diluted net income per common share
|
|
|
|
|
$
|
0.31
|
|
|
|
|
$
|
0.36
|
|
|
|
|
$
|
0.94
|
|
|
|
|
$
|
1.25
|
|
Basic weighted average common shares outstanding
|
|
|
|
|
|
21,554,746
|
|
|
|
|
|
21,633,706
|
|
|
|
|
|
21,621,466
|
|
|
|
|
|
21,648,654
|
|
Diluted weighted average common shares outstanding
|
|
|
|
|
|
22,101,600
|
|
|
|
|
|
21,969,756
|
|
|
|
|
|
22,090,770
|
|
|
|
|
|
22,010,523
|
|
Reconciliation of operating income to EBITDA (b):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
4,618
|
|
|
|
|
$
|
12,315
|
|
|
|
|
$
|
28,151
|
|
|
|
|
$
|
45,494
|
|
Add back: depreciation, amortization and accretion
|
|
|
|
|
|
4,049
|
|
|
|
|
|
3,680
|
|
|
|
|
|
16,677
|
|
|
|
|
|
15,167
|
|
EBITDA
|
|
|
|
|
$
|
8,667
|
|
|
|
|
$
|
15,995
|
|
|
|
|
$
|
44,828
|
|
|
|
|
$
|
60,661
|
|
% of total revenue
|
|
|
|
|
|
16.9
|
%
|
|
|
|
|
29.2
|
%
|
|
|
|
|
22.4
|
%
|
|
|
|
|
28.9
|
%
|
Key statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units in service
|
|
|
|
|
|
1,256
|
|
|
|
|
|
1,376
|
|
|
|
|
|
1,256
|
|
|
|
|
|
1,376
|
|
Average revenue per unit (ARPU)
|
|
|
|
|
$
|
7.92
|
|
|
|
|
$
|
8.15
|
|
|
|
|
$
|
7.93
|
|
|
|
|
$
|
8.20
|
|
Bookings
|
|
|
|
|
$
|
22,272
|
|
|
|
|
$
|
16,271
|
|
|
|
|
$
|
78,514
|
|
|
|
|
$
|
63,452
|
|
Backlog
|
|
|
|
|
$
|
42,391
|
|
|
|
|
$
|
40,211
|
|
|
|
|
$
|
42,391
|
|
|
|
|
$
|
40,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
|
9/30/2014
|
|
|
|
|
|
6/30/2014
|
|
|
|
|
|
3/31/2014
|
|
|
|
|
|
12/31/2013
|
|
|
|
|
|
9/30/2013
|
|
|
|
|
|
6/30/2013
|
|
|
|
|
|
3/31/2013
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
|
|
|
|
|
$
|
31,678
|
|
|
|
|
$
|
32,855
|
|
|
|
|
$
|
33,518
|
|
|
|
|
$
|
34,351
|
|
|
|
|
$
|
35,831
|
|
|
|
|
$
|
37,067
|
|
|
|
|
$
|
37,771
|
|
|
|
|
$
|
38,779
|
|
Software
|
|
|
|
|
|
19,591
|
|
|
|
|
|
16,936
|
|
|
|
|
|
15,576
|
|
|
|
|
|
15,768
|
|
|
|
|
|
18,854
|
|
|
|
|
|
12,602
|
|
|
|
|
|
14,497
|
|
|
|
|
|
14,351
|
|
Total revenue
|
|
|
|
|
|
51,269
|
|
|
|
|
|
49,791
|
|
|
|
|
|
49,094
|
|
|
|
|
|
50,119
|
|
|
|
|
|
54,685
|
|
|
|
|
|
49,669
|
|
|
|
|
|
52,268
|
|
|
|
|
|
53,130
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
|
|
10,571
|
|
|
|
|
|
8,000
|
|
|
|
|
|
7,180
|
|
|
|
|
|
6,805
|
|
|
|
|
|
7,500
|
|
|
|
|
|
6,787
|
|
|
|
|
|
6,961
|
|
|
|
|
|
6,667
|
|
Service, rental and maintenance
|
|
|
|
|
|
11,285
|
|
|
|
|
|
10,988
|
|
|
|
|
|
11,420
|
|
|
|
|
|
11,792
|
|
|
|
|
|
11,442
|
|
|
|
|
|
11,820
|
|
|
|
|
|
12,018
|
|
|
|
|
|
12,191
|
|
Selling and marketing
|
|
|
|
|
|
7,915
|
|
|
|
|
|
7,072
|
|
|
|
|
|
7,780
|
|
|
|
|
|
7,246
|
|
|
|
|
|
7,297
|
|
|
|
|
|
6,388
|
|
|
|
|
|
6,538
|
|
|
|
|
|
6,394
|
|
General and administrative
|
|
|
|
|
|
11,905
|
|
|
|
|
|
10,866
|
|
|
|
|
|
10,990
|
|
|
|
|
|
12,135
|
|
|
|
|
|
11,470
|
|
|
|
|
|
11,282
|
|
|
|
|
|
11,022
|
|
|
|
|
|
12,331
|
|
Severance and restructuring
|
|
|
|
|
|
926
|
|
|
|
|
|
545
|
|
|
|
|
|
4
|
|
|
|
|
|
20
|
|
|
|
|
|
981
|
|
|
|
|
|
-
|
|
|
|
|
|
2
|
|
|
|
|
|
-
|
|
Depreciation, amortization and accretion
|
|
|
|
|
|
4,049
|
|
|
|
|
|
4,247
|
|
|
|
|
|
4,352
|
|
|
|
|
|
4,029
|
|
|
|
|
|
3,680
|
|
|
|
|
|
3,858
|
|
|
|
|
|
3,822
|
|
|
|
|
|
3,807
|
|
Total operating expenses
|
|
|
|
|
|
46,651
|
|
|
|
|
|
41,718
|
|
|
|
|
|
41,726
|
|
|
|
|
|
42,027
|
|
|
|
|
|
42,370
|
|
|
|
|
|
40,135
|
|
|
|
|
|
40,363
|
|
|
|
|
|
41,390
|
|
% of total revenue
|
|
|
|
|
|
91.0
|
%
|
|
|
|
|
83.8
|
%
|
|
|
|
|
85.0
|
%
|
|
|
|
|
83.9
|
%
|
|
|
|
|
77.5
|
%
|
|
|
|
|
80.8
|
%
|
|
|
|
|
77.2
|
%
|
|
|
|
|
77.9
|
%
|
Operating income
|
|
|
|
|
|
4,618
|
|
|
|
|
|
8,073
|
|
|
|
|
|
7,368
|
|
|
|
|
|
8,092
|
|
|
|
|
|
12,315
|
|
|
|
|
|
9,534
|
|
|
|
|
|
11,905
|
|
|
|
|
|
11,740
|
|
% of total revenue
|
|
|
|
|
|
9.0
|
%
|
|
|
|
|
16.2
|
%
|
|
|
|
|
15.0
|
%
|
|
|
|
|
16.1
|
%
|
|
|
|
|
22.5
|
%
|
|
|
|
|
19.2
|
%
|
|
|
|
|
22.8
|
%
|
|
|
|
|
22.1
|
%
|
Interest expense, net
|
|
|
|
|
|
(262
|
)
|
|
|
|
|
(63
|
)
|
|
|
|
|
(64
|
)
|
|
|
|
|
(67
|
)
|
|
|
|
|
(64
|
)
|
|
|
|
|
(68
|
)
|
|
|
|
|
(64
|
)
|
|
|
|
|
(64
|
)
|
Other (expense) income, net
|
|
|
|
|
|
(188
|
)
|
|
|
|
|
(2
|
)
|
|
|
|
|
(194
|
)
|
|
|
|
|
16
|
|
|
|
|
|
15
|
|
|
|
|
|
84
|
|
|
|
|
|
(75
|
)
|
|
|
|
|
81
|
|
Income before income tax expense
|
|
|
|
|
|
4,168
|
|
|
|
|
|
8,008
|
|
|
|
|
|
7,110
|
|
|
|
|
|
8,041
|
|
|
|
|
|
12,266
|
|
|
|
|
|
9,550
|
|
|
|
|
|
11,766
|
|
|
|
|
|
11,757
|
|
Income tax benefit (expense)
|
|
|
|
|
|
2,744
|
|
|
|
|
|
(3,356
|
)
|
|
|
|
|
(2,819
|
)
|
|
|
|
|
(3,151
|
)
|
|
|
|
|
(4,251
|
)
|
|
|
|
|
(3,788
|
)
|
|
|
|
|
(4,938
|
)
|
|
|
|
|
(4,832
|
)
|
Net income
|
|
|
|
|
$
|
6,912
|
|
|
|
|
$
|
4,652
|
|
|
|
|
$
|
4,291
|
|
|
|
|
$
|
4,890
|
|
|
|
|
$
|
8,015
|
|
|
|
|
$
|
5,762
|
|
|
|
|
$
|
6,828
|
|
|
|
|
$
|
6,925
|
|
Basic net income per common share
|
|
|
|
|
$
|
0.32
|
|
|
|
|
$
|
0.21
|
|
|
|
|
$
|
0.20
|
|
|
|
|
$
|
0.23
|
|
|
|
|
$
|
0.37
|
|
|
|
|
$
|
0.27
|
|
|
|
|
$
|
0.32
|
|
|
|
|
$
|
0.32
|
|
Diluted net income per common share
|
|
|
|
|
$
|
0.31
|
|
|
|
|
$
|
0.21
|
|
|
|
|
$
|
0.19
|
|
|
|
|
$
|
0.22
|
|
|
|
|
$
|
0.36
|
|
|
|
|
$
|
0.26
|
|
|
|
|
$
|
0.31
|
|
|
|
|
$
|
0.32
|
|
Basic weighted average common shares outstanding
|
|
|
|
|
|
21,554,746
|
|
|
|
|
|
21,651,347
|
|
|
|
|
|
21,642,163
|
|
|
|
|
|
21,638,198
|
|
|
|
|
|
21,633,706
|
|
|
|
|
|
21,629,289
|
|
|
|
|
|
21,644,281
|
|
|
|
|
|
21,688,153
|
|
Diluted weighted average common shares outstanding
|
|
|
|
|
|
22,101,600
|
|
|
|
|
|
22,135,554
|
|
|
|
|
|
22,099,791
|
|
|
|
|
|
22,037,796
|
|
|
|
|
|
21,969,756
|
|
|
|
|
|
21,919,238
|
|
|
|
|
|
21,827,149
|
|
|
|
|
|
21,904,862
|
|
Reconciliation of operating income to EBITDA (b):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
4,618
|
|
|
|
|
$
|
8,073
|
|
|
|
|
$
|
7,368
|
|
|
|
|
$
|
8,092
|
|
|
|
|
$
|
12,315
|
|
|
|
|
$
|
9,534
|
|
|
|
|
$
|
11,905
|
|
|
|
|
$
|
11,740
|
|
Add back: depreciation, amortization and accretion
|
|
|
|
|
|
4,049
|
|
|
|
|
|
4,247
|
|
|
|
|
|
4,352
|
|
|
|
|
|
4,029
|
|
|
|
|
|
3,680
|
|
|
|
|
|
3,858
|
|
|
|
|
|
3,822
|
|
|
|
|
|
3,807
|
|
EBITDA
|
|
|
|
|
$
|
8,667
|
|
|
|
|
$
|
12,320
|
|
|
|
|
$
|
11,720
|
|
|
|
|
$
|
12,121
|
|
|
|
|
$
|
15,995
|
|
|
|
|
$
|
13,392
|
|
|
|
|
$
|
15,727
|
|
|
|
|
$
|
15,547
|
|
% of total revenue
|
|
|
|
|
|
16.9
|
%
|
|
|
|
|
24.7
|
%
|
|
|
|
|
23.9
|
%
|
|
|
|
|
24.2
|
%
|
|
|
|
|
29.2
|
%
|
|
|
|
|
27.
|
%
|
|
|
|
|
30.1
|
%
|
|
|
|
|
29.3
|
%
|
Key statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units in service
|
|
|
|
|
|
1,256
|
|
|
|
|
|
1,274
|
|
|
|
|
|
1,299
|
|
|
|
|
|
1,327
|
|
|
|
|
|
1,376
|
|
|
|
|
|
1,408
|
|
|
|
|
|
1,445
|
|
|
|
|
|
1,480
|
|
Average revenue per unit (ARPU)
|
|
|
|
|
$
|
7.92
|
|
|
|
|
$
|
7.97
|
|
|
|
|
$
|
7.98
|
|
|
|
|
$
|
8.11
|
|
|
|
|
$
|
8.15
|
|
|
|
|
$
|
8.22
|
|
|
|
|
$
|
8.22
|
|
|
|
|
$
|
8.25
|
|
Bookings
|
|
|
|
|
$
|
22,272
|
|
|
|
|
$
|
20,362
|
|
|
|
|
$
|
18,959
|
|
|
|
|
$
|
16,921
|
|
|
|
|
$
|
16,271
|
|
|
|
|
$
|
17,302
|
|
|
|
|
$
|
15,626
|
|
|
|
|
$
|
14,253
|
|
Backlog
|
|
|
|
|
$
|
42,391
|
|
|
|
|
$
|
42,117
|
|
|
|
|
$
|
40,182
|
|
|
|
|
$
|
41,396
|
|
|
|
|
$
|
40,211
|
|
|
|
|
$
|
43,831
|
|
|
|
|
$
|
39,576
|
|
|
|
|
$
|
40,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
|
12/31/2013
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
107,869
|
|
|
|
|
$
|
89,075
|
Accounts receivable, net
|
|
|
|
|
|
24,969
|
|
|
|
|
|
18,084
|
Prepaid expenses and other
|
|
|
|
|
|
7,250
|
|
|
|
|
|
7,399
|
Inventory
|
|
|
|
|
|
2,673
|
|
|
|
|
|
2,221
|
Deferred income tax assets, net
|
|
|
|
|
|
2,194
|
|
|
|
|
|
3,389
|
Total current assets
|
|
|
|
|
|
144,955
|
|
|
|
|
|
120,168
|
Property and equipment, net
|
|
|
|
|
|
17,395
|
|
|
|
|
|
21,122
|
Goodwill
|
|
|
|
|
|
133,031
|
|
|
|
|
|
133,031
|
Other intangible assets, net
|
|
|
|
|
|
19,698
|
|
|
|
|
|
25,368
|
Deferred income tax assets, net
|
|
|
|
|
|
21,949
|
|
|
|
|
|
25,494
|
Other assets
|
|
|
|
|
|
862
|
|
|
|
|
|
1,715
|
Total assets
|
|
|
|
|
$
|
337,890
|
|
|
|
|
$
|
326,898
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
$
|
11,688
|
|
|
|
|
$
|
9,885
|
Accrued compensation and benefits
|
|
|
|
|
|
14,041
|
|
|
|
|
|
13,919
|
Deferred revenue
|
|
|
|
|
|
24,034
|
|
|
|
|
|
23,023
|
Total current liabilities
|
|
|
|
|
|
49,763
|
|
|
|
|
|
46,827
|
Deferred revenue
|
|
|
|
|
|
937
|
|
|
|
|
|
862
|
Other long-term liabilities
|
|
|
|
|
|
8,131
|
|
|
|
|
|
9,259
|
Total liabilities
|
|
|
|
|
|
58,831
|
|
|
|
|
|
56,948
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
Common stock
|
|
|
|
|
|
2
|
|
|
|
|
|
2
|
Additional paid-in capital
|
|
|
|
|
|
126,678
|
|
|
|
|
|
127,264
|
Retained earnings
|
|
|
|
|
|
152,379
|
|
|
|
|
|
142,684
|
Total stockholders' equity
|
|
|
|
|
|
279,059
|
|
|
|
|
|
269,950
|
Total liabilities and stockholders' equity
|
|
|
|
|
$
|
337,890
|
|
|
|
|
$
|
326,898
|
|
|
|
|
|
|
|
|
|
|
|
(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 twelve months ended
|
|
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
|
|
12/31/2013
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
$
|
20,745
|
|
|
|
|
|
$
|
27,530
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization and accretion
|
|
|
|
|
|
|
16,677
|
|
|
|
|
|
|
15,167
|
|
Amortization of deferred financing costs
|
|
|
|
|
|
|
456
|
|
|
|
|
|
|
258
|
|
Deferred income tax expense
|
|
|
|
|
|
|
4,740
|
|
|
|
|
|
|
16,276
|
|
Stock based compensation
|
|
|
|
|
|
|
3,838
|
|
|
|
|
|
|
3,045
|
|
Provisions for doubtful accounts, service credits and other
|
|
|
|
|
|
|
1,128
|
|
|
|
|
|
|
1,955
|
|
Adjustments of non-cash transaction taxes
|
|
|
|
|
|
|
(310
|
)
|
|
|
|
|
|
(474
|
)
|
Loss on disposals of property and equipment
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
21
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
|
(8,013
|
)
|
|
|
|
|
|
1,542
|
|
Prepaid expenses and other assets
|
|
|
|
|
|
|
17
|
|
|
|
|
|
|
(1,215
|
)
|
Accounts payable, accrued liabilities and accrued compensation and
benefits
|
|
|
|
|
|
|
1,192
|
|
|
|
|
|
|
(6,855
|
)
|
Customer deposits and deferred revenue
|
|
|
|
|
|
|
1,086
|
|
|
|
|
|
|
(6,794
|
)
|
Net cash provided by operating activities
|
|
|
|
|
|
|
41,559
|
|
|
|
|
|
|
50,456
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
|
|
|
(7,679
|
)
|
|
|
|
|
|
(10,408
|
)
|
Proceeds from disposals of property and equipment
|
|
|
|
|
|
|
65
|
|
|
|
|
|
|
293
|
|
Net cash used in investing activities
|
|
|
|
|
|
|
(7,614
|
)
|
|
|
|
|
|
(10,115
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends to stockholders
|
|
|
|
|
|
|
(10,826
|
)
|
|
|
|
|
|
(12,312
|
)
|
Purchase of common stock (including commissions)
|
|
|
|
|
|
|
(4,325
|
)
|
|
|
|
|
|
-
|
|
Net cash used in financing activities
|
|
|
|
|
|
|
(15,151
|
)
|
|
|
|
|
|
(12,312
|
)
|
Net increase in cash and cash equivalents
|
|
|
|
|
|
|
18,794
|
|
|
|
|
|
|
28,029
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
|
|
89,075
|
|
|
|
|
|
|
61,046
|
|
Cash and cash equivalents, end of period
|
|
|
|
|
|
$
|
107,869
|
|
|
|
|
|
$
|
89,075
|
|
Supplemental disclosure:
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
|
|
|
|
$
|
8
|
|
|
|
|
|
$
|
10
|
|
Income taxes paid
|
|
|
|
|
|
$
|
1,448
|
|
|
|
|
|
$
|
1,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
|
|
|
6/30/2014
|
|
|
|
|
3/31/2014
|
|
|
|
|
12/31/2013
|
|
|
|
|
9/30/2013
|
|
|
|
|
6/30/2013
|
|
|
|
|
3/31/2013
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paging
|
|
|
|
|
$
|
30,071
|
|
|
$
|
30,776
|
|
|
|
$
|
31,458
|
|
|
|
$
|
32,896
|
|
|
|
$
|
34,015
|
|
|
|
$
|
35,141
|
|
|
|
$
|
36,064
|
|
|
|
$
|
37,051
|
Non-paging
|
|
|
|
|
|
1,607
|
|
|
|
2,079
|
|
|
|
|
2,060
|
|
|
|
|
1,455
|
|
|
|
|
1,816
|
|
|
|
|
1,926
|
|
|
|
|
1,707
|
|
|
|
|
1,728
|
Wireless
|
|
|
|
|
|
31,678
|
|
|
|
32,855
|
|
|
|
|
33,518
|
|
|
|
|
34,351
|
|
|
|
|
35,831
|
|
|
|
|
37,067
|
|
|
|
|
37,771
|
|
|
|
|
38,779
|
Subscription
|
|
|
|
|
|
365
|
|
|
|
458
|
|
|
|
|
377
|
|
|
|
|
283
|
|
|
|
|
248
|
|
|
|
|
220
|
|
|
|
|
178
|
|
|
|
|
175
|
License
|
|
|
|
|
|
3,474
|
|
|
|
2,374
|
|
|
|
|
2,497
|
|
|
|
|
2,929
|
|
|
|
|
4,138
|
|
|
|
|
2,000
|
|
|
|
|
2,458
|
|
|
|
|
2,640
|
Services
|
|
|
|
|
|
5,579
|
|
|
|
4,305
|
|
|
|
|
3,558
|
|
|
|
|
3,930
|
|
|
|
|
5,493
|
|
|
|
|
2,080
|
|
|
|
|
3,327
|
|
|
|
|
2,780
|
Equipment
|
|
|
|
|
|
2,145
|
|
|
|
1,930
|
|
|
|
|
1,614
|
|
|
|
|
1,250
|
|
|
|
|
1,875
|
|
|
|
|
1,251
|
|
|
|
|
1,589
|
|
|
|
|
1,994
|
Operations revenue
|
|
|
|
|
|
11,563
|
|
|
|
9,067
|
|
|
|
|
8,046
|
|
|
|
|
8,392
|
|
|
|
|
11,754
|
|
|
|
|
5,551
|
|
|
|
|
7,552
|
|
|
|
|
7,589
|
Maintenance revenue
|
|
|
|
|
|
8,028
|
|
|
|
7,869
|
|
|
|
|
7,530
|
|
|
|
|
7,376
|
|
|
|
|
7,100
|
|
|
|
|
7,051
|
|
|
|
|
6,945
|
|
|
|
|
6,762
|
Software
|
|
|
|
|
|
19,591
|
|
|
|
16,936
|
|
|
|
|
15,576
|
|
|
|
|
15,768
|
|
|
|
|
18,854
|
|
|
|
|
12,602
|
|
|
|
|
14,497
|
|
|
|
|
14,351
|
Total revenue
|
|
|
|
|
$
|
51,269
|
|
|
$
|
49,791
|
|
|
|
$
|
49,094
|
|
|
|
$
|
50,119
|
|
|
|
$
|
54,685
|
|
|
|
$
|
49,669
|
|
|
|
$
|
52,268
|
|
|
|
$
|
53,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
6/30/2014
|
|
|
|
|
|
3/31/2014
|
|
|
|
|
12/31/2013
|
|
|
|
|
|
9/30/2013
|
|
|
|
|
6/30/2013
|
|
|
|
|
3/31/2013
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related
|
|
|
|
|
$
|
4,222
|
|
|
|
$
|
3,743
|
|
|
|
$
|
3,827
|
|
|
|
|
$
|
3,959
|
|
|
|
$
|
3,609
|
|
|
|
|
$
|
3,744
|
|
|
|
$
|
3,743
|
|
|
|
$
|
3,709
|
Cost of sales
|
|
|
|
|
|
5,225
|
|
|
|
|
3,098
|
|
|
|
|
2,232
|
|
|
|
|
|
1,917
|
|
|
|
|
2,726
|
|
|
|
|
|
1,992
|
|
|
|
|
2,133
|
|
|
|
|
1,890
|
Stock based compensation
|
|
|
|
|
|
81
|
|
|
|
|
108
|
|
|
|
|
81
|
|
|
|
|
|
81
|
|
|
|
|
74
|
|
|
|
|
|
64
|
|
|
|
|
49
|
|
|
|
|
49
|
Other
|
|
|
|
|
|
1,043
|
|
|
|
|
1,051
|
|
|
|
|
1,040
|
|
|
|
|
|
848
|
|
|
|
|
1,091
|
|
|
|
|
|
987
|
|
|
|
|
1,036
|
|
|
|
|
1,019
|
Total cost of revenue
|
|
|
|
|
|
10,571
|
|
|
|
|
8,000
|
|
|
|
|
7,180
|
|
|
|
|
|
6,805
|
|
|
|
|
7,500
|
|
|
|
|
|
6,787
|
|
|
|
|
6,961
|
|
|
|
|
6,667
|
Service, rental and maintenance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Site rent
|
|
|
|
|
|
3,834
|
|
|
|
|
3,914
|
|
|
|
|
3,981
|
|
|
|
|
|
4,015
|
|
|
|
|
3,972
|
|
|
|
|
|
4,142
|
|
|
|
|
4,237
|
|
|
|
|
4,235
|
Telecommunications
|
|
|
|
|
|
1,487
|
|
|
|
|
1,548
|
|
|
|
|
1,669
|
|
|
|
|
|
1,736
|
|
|
|
|
1,751
|
|
|
|
|
|
1,832
|
|
|
|
|
1,885
|
|
|
|
|
1,889
|
Payroll and related
|
|
|
|
|
|
4,533
|
|
|
|
|
4,106
|
|
|
|
|
4,434
|
|
|
|
|
|
4,594
|
|
|
|
|
4,296
|
|
|
|
|
|
4,577
|
|
|
|
|
4,589
|
|
|
|
|
4,698
|
Stock based compensation
|
|
|
|
|
|
30
|
|
|
|
|
56
|
|
|
|
|
(17
|
)
|
|
|
|
|
39
|
|
|
|
|
32
|
|
|
|
|
|
59
|
|
|
|
|
20
|
|
|
|
|
20
|
Repairs and maintenance
|
|
|
|
|
|
467
|
|
|
|
|
489
|
|
|
|
|
436
|
|
|
|
|
|
508
|
|
|
|
|
482
|
|
|
|
|
|
484
|
|
|
|
|
480
|
|
|
|
|
575
|
Other
|
|
|
|
|
|
934
|
|
|
|
|
875
|
|
|
|
|
917
|
|
|
|
|
|
900
|
|
|
|
|
909
|
|
|
|
|
|
726
|
|
|
|
|
807
|
|
|
|
|
774
|
Total service, rental and maintenance
|
|
|
|
|
|
11,285
|
|
|
|
|
10,988
|
|
|
|
|
11,420
|
|
|
|
|
|
11,792
|
|
|
|
|
11,442
|
|
|
|
|
|
11,820
|
|
|
|
|
12,018
|
|
|
|
|
12,191
|
Selling and marketing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related
|
|
|
|
|
|
3,945
|
|
|
|
|
3,859
|
|
|
|
|
4,099
|
|
|
|
|
|
4,098
|
|
|
|
|
3,717
|
|
|
|
|
|
3,917
|
|
|
|
|
3,919
|
|
|
|
|
3,840
|
Commissions
|
|
|
|
|
|
2,481
|
|
|
|
|
1,949
|
|
|
|
|
2,087
|
|
|
|
|
|
1,952
|
|
|
|
|
2,162
|
|
|
|
|
|
1,310
|
|
|
|
|
1,519
|
|
|
|
|
1,387
|
Stock based compensation
|
|
|
|
|
|
131
|
|
|
|
|
151
|
|
|
|
|
131
|
|
|
|
|
|
131
|
|
|
|
|
(24
|
)
|
|
|
|
|
122
|
|
|
|
|
119
|
|
|
|
|
119
|
Other
|
|
|
|
|
|
1,358
|
|
|
|
|
1,113
|
|
|
|
|
1,463
|
|
|
|
|
|
1,065
|
|
|
|
|
1,442
|
|
|
|
|
|
1,039
|
|
|
|
|
981
|
|
|
|
|
1,048
|
Total selling and marketing
|
|
|
|
|
|
7,915
|
|
|
|
|
7,072
|
|
|
|
|
7,780
|
|
|
|
|
|
7,246
|
|
|
|
|
7,297
|
|
|
|
|
|
6,388
|
|
|
|
|
6,538
|
|
|
|
|
6,394
|
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and related
|
|
|
|
|
|
4,737
|
|
|
|
|
4,217
|
|
|
|
|
4,440
|
|
|
|
|
|
4,796
|
|
|
|
|
4,802
|
|
|
|
|
|
4,696
|
|
|
|
|
5,074
|
|
|
|
|
5,414
|
Stock based compensation
|
|
|
|
|
|
780
|
|
|
|
|
791
|
|
|
|
|
429
|
|
|
|
|
|
835
|
|
|
|
|
763
|
|
|
|
|
|
701
|
|
|
|
|
440
|
|
|
|
|
438
|
Bad debt
|
|
|
|
|
|
127
|
|
|
|
|
136
|
|
|
|
|
134
|
|
|
|
|
|
86
|
|
|
|
|
262
|
|
|
|
|
|
274
|
|
|
|
|
265
|
|
|
|
|
275
|
Facility rent
|
|
|
|
|
|
830
|
|
|
|
|
863
|
|
|
|
|
899
|
|
|
|
|
|
922
|
|
|
|
|
719
|
|
|
|
|
|
883
|
|
|
|
|
839
|
|
|
|
|
844
|
Telecommunications
|
|
|
|
|
|
381
|
|
|
|
|
427
|
|
|
|
|
399
|
|
|
|
|
|
395
|
|
|
|
|
420
|
|
|
|
|
|
388
|
|
|
|
|
343
|
|
|
|
|
375
|
Outside services
|
|
|
|
|
|
1,786
|
|
|
|
|
1,698
|
|
|
|
|
1,719
|
|
|
|
|
|
1,762
|
|
|
|
|
1,811
|
|
|
|
|
|
1,927
|
|
|
|
|
1,606
|
|
|
|
|
2,560
|
Taxes, licenses and permits
|
|
|
|
|
|
1,283
|
|
|
|
|
1,225
|
|
|
|
|
1,383
|
|
|
|
|
|
1,064
|
|
|
|
|
1,358
|
|
|
|
|
|
1,106
|
|
|
|
|
1,166
|
|
|
|
|
1,233
|
Repairs and maintenance
|
|
|
|
|
|
506
|
|
|
|
|
510
|
|
|
|
|
421
|
|
|
|
|
|
374
|
|
|
|
|
314
|
|
|
|
|
|
333
|
|
|
|
|
278
|
|
|
|
|
261
|
Financial services
|
|
|
|
|
|
346
|
|
|
|
|
336
|
|
|
|
|
379
|
|
|
|
|
|
363
|
|
|
|
|
357
|
|
|
|
|
|
350
|
|
|
|
|
349
|
|
|
|
|
313
|
Other
|
|
|
|
|
|
1,129
|
|
|
|
|
663
|
|
|
|
|
787
|
|
|
|
|
|
1,538
|
|
|
|
|
664
|
|
|
|
|
|
624
|
|
|
|
|
662
|
|
|
|
|
618
|
Total general and administrative
|
|
|
|
|
|
11,905
|
|
|
|
|
10,866
|
|
|
|
|
10,990
|
|
|
|
|
|
12,135
|
|
|
|
|
11,470
|
|
|
|
|
|
11,282
|
|
|
|
|
11,022
|
|
|
|
|
12,331
|
Severance and restructuring
|
|
|
|
|
|
926
|
|
|
|
|
545
|
|
|
|
|
4
|
|
|
|
|
|
20
|
|
|
|
|
981
|
|
|
|
|
|
-
|
|
|
|
|
2
|
|
|
|
|
-
|
Depreciation, amortization and accretion
|
|
|
|
|
|
4,049
|
|
|
|
|
4,247
|
|
|
|
|
4,352
|
|
|
|
|
|
4,029
|
|
|
|
|
3,680
|
|
|
|
|
|
3,858
|
|
|
|
|
3,822
|
|
|
|
|
3,807
|
Operating expenses
|
|
|
|
|
$
|
46,651
|
|
|
|
$
|
41,718
|
|
|
|
$
|
41,726
|
|
|
|
|
$
|
42,027
|
|
|
|
$
|
42,370
|
|
|
|
|
$
|
40,135
|
|
|
|
$
|
40,363
|
|
|
|
$
|
41,390
|
Capital expenditures
|
|
|
|
|
$
|
1,352
|
|
|
|
$
|
1,291
|
|
|
|
$
|
2,393
|
|
|
|
|
$
|
2,643
|
|
|
|
$
|
2,636
|
|
|
|
|
$
|
2,504
|
|
|
|
$
|
2,927
|
|
|
|
$
|
2,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
9/30/2014
|
|
|
|
|
6/30/2014
|
|
|
|
|
3/31/2014
|
|
|
|
|
12/31/2013
|
|
|
|
|
9/30/2013
|
|
|
|
|
6/30/2013
|
|
|
|
|
3/31/2013
|
|
Paging units in service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning units in service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
|
1,157
|
|
|
|
|
1,179
|
|
|
|
|
1,200
|
|
|
|
|
1,246
|
|
|
|
|
1,275
|
|
|
|
|
1,307
|
|
|
|
|
1,324
|
|
|
|
|
1,346
|
|
Direct two-way
|
|
|
|
|
63
|
|
|
|
|
64
|
|
|
|
|
69
|
|
|
|
|
69
|
|
|
|
|
70
|
|
|
|
|
73
|
|
|
|
|
73
|
|
|
|
|
75
|
|
Total direct
|
|
|
|
|
1,220
|
|
|
|
|
1,243
|
|
|
|
|
1,269
|
|
|
|
|
1,315
|
|
|
|
|
1,345
|
|
|
|
|
1,380
|
|
|
|
|
1,397
|
|
|
|
|
1,421
|
|
Indirect one-way
|
|
|
|
|
28
|
|
|
|
|
29
|
|
|
|
|
30
|
|
|
|
|
34
|
|
|
|
|
35
|
|
|
|
|
36
|
|
|
|
|
38
|
|
|
|
|
48
|
|
Indirect two-way
|
|
|
|
|
26
|
|
|
|
|
27
|
|
|
|
|
28
|
|
|
|
|
27
|
|
|
|
|
28
|
|
|
|
|
29
|
|
|
|
|
45
|
|
|
|
|
46
|
|
Total indirect
|
|
|
|
|
54
|
|
|
|
|
56
|
|
|
|
|
58
|
|
|
|
|
61
|
|
|
|
|
63
|
|
|
|
|
65
|
|
|
|
|
83
|
|
|
|
|
94
|
|
Total beginning units in service
|
|
|
|
|
1,274
|
|
|
|
|
1,299
|
|
|
|
|
1,327
|
|
|
|
|
1,376
|
|
|
|
|
1,408
|
|
|
|
|
1,445
|
|
|
|
|
1,480
|
|
|
|
|
1,515
|
|
Gross placements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
|
31
|
|
|
|
|
40
|
|
|
|
|
48
|
|
|
|
|
34
|
|
|
|
|
32
|
|
|
|
|
40
|
|
|
|
|
49
|
|
|
|
|
39
|
|
Direct two-way
|
|
|
|
|
3
|
|
|
|
|
4
|
|
|
|
|
2
|
|
|
|
|
4
|
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
|
5
|
|
|
|
|
3
|
|
Total direct
|
|
|
|
|
34
|
|
|
|
|
44
|
|
|
|
|
50
|
|
|
|
|
38
|
|
|
|
|
35
|
|
|
|
|
43
|
|
|
|
|
54
|
|
|
|
|
42
|
|
Indirect one-way
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
Indirect two-way
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Total indirect
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
Total gross placements
|
|
|
|
|
35
|
|
|
|
|
45
|
|
|
|
|
51
|
|
|
|
|
39
|
|
|
|
|
36
|
|
|
|
|
44
|
|
|
|
|
55
|
|
|
|
|
43
|
|
Gross disconnects
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
|
(47
|
)
|
|
|
|
(62
|
)
|
|
|
|
(69
|
)
|
|
|
|
(80
|
)
|
|
|
|
(61
|
)
|
|
|
|
(72
|
)
|
|
|
|
(66
|
)
|
|
|
|
(61
|
)
|
Direct two-way
|
|
|
|
|
(3
|
)
|
|
|
|
(5
|
)
|
|
|
|
(7
|
)
|
|
|
|
(4
|
)
|
|
|
|
(4
|
)
|
|
|
|
(6
|
)
|
|
|
|
(5
|
)
|
|
|
|
(5
|
)
|
Total direct
|
|
|
|
|
(50
|
)
|
|
|
|
(67
|
)
|
|
|
|
(76
|
)
|
|
|
|
(84
|
)
|
|
|
|
(65
|
)
|
|
|
|
(78
|
)
|
|
|
|
(71
|
)
|
|
|
|
(66
|
)
|
Indirect one-way
|
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(4
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(3
|
)
|
|
|
|
(11
|
)
|
Indirect two-way
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
-
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(16
|
)
|
|
|
|
(1
|
)
|
Total indirect
|
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
|
|
|
(4
|
)
|
|
|
|
(3
|
)
|
|
|
|
(3
|
)
|
|
|
|
(19
|
)
|
|
|
|
(12
|
)
|
Total gross disconnects
|
|
|
|
|
(53
|
)
|
|
|
|
(70
|
)
|
|
|
|
(79
|
)
|
|
|
|
(88
|
)
|
|
|
|
(68
|
)
|
|
|
|
(81
|
)
|
|
|
|
(90
|
)
|
|
|
|
(78
|
)
|
Net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
|
(16
|
)
|
|
|
|
(22
|
)
|
|
|
|
(21
|
)
|
|
|
|
(46
|
)
|
|
|
|
(29
|
)
|
|
|
|
(32
|
)
|
|
|
|
(17
|
)
|
|
|
|
(22
|
)
|
Direct two-way
|
|
|
|
|
-
|
|
|
|
|
(1
|
)
|
|
|
|
(5
|
)
|
|
|
|
-
|
|
|
|
|
(1
|
)
|
|
|
|
(3
|
)
|
|
|
|
-
|
|
|
|
|
(2
|
)
|
Total direct
|
|
|
|
|
(16
|
)
|
|
|
|
(23
|
)
|
|
|
|
(26
|
)
|
|
|
|
(46
|
)
|
|
|
|
(30
|
)
|
|
|
|
(35
|
)
|
|
|
|
(17
|
)
|
|
|
|
(24
|
)
|
Indirect one-way
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(4
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(2
|
)
|
|
|
|
(10
|
)
|
Indirect two-way
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
1
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(16
|
)
|
|
|
|
(1
|
)
|
Total indirect
|
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(3
|
)
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
|
|
(18
|
)
|
|
|
|
(11
|
)
|
Total net change
|
|
|
|
|
(18
|
)
|
|
|
|
(25
|
)
|
|
|
|
(28
|
)
|
|
|
|
(49
|
)
|
|
|
|
(32
|
)
|
|
|
|
(37
|
)
|
|
|
|
(35
|
)
|
|
|
|
(35
|
)
|
Ending units in service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
|
|
1,141
|
|
|
|
|
1,157
|
|
|
|
|
1,179
|
|
|
|
|
1,200
|
|
|
|
|
1,246
|
|
|
|
|
1,275
|
|
|
|
|
1,307
|
|
|
|
|
1,324
|
|
Direct two-way
|
|
|
|
|
63
|
|
|
|
|
63
|
|
|
|
|
64
|
|
|
|
|
69
|
|
|
|
|
69
|
|
|
|
|
70
|
|
|
|
|
73
|
|
|
|
|
73
|
|
Total direct
|
|
|
|
|
1,204
|
|
|
|
|
1,220
|
|
|
|
|
1,243
|
|
|
|
|
1,269
|
|
|
|
|
1,315
|
|
|
|
|
1,345
|
|
|
|
|
1,380
|
|
|
|
|
1,397
|
|
Indirect one-way
|
|
|
|
|
27
|
|
|
|
|
28
|
|
|
|
|
29
|
|
|
|
|
30
|
|
|
|
|
34
|
|
|
|
|
35
|
|
|
|
|
36
|
|
|
|
|
38
|
|
Indirect two-way
|
|
|
|
|
25
|
|
|
|
|
26
|
|
|
|
|
27
|
|
|
|
|
28
|
|
|
|
|
27
|
|
|
|
|
28
|
|
|
|
|
29
|
|
|
|
|
45
|
|
Total indirect
|
|
|
|
|
52
|
|
|
|
|
54
|
|
|
|
|
56
|
|
|
|
|
58
|
|
|
|
|
61
|
|
|
|
|
63
|
|
|
|
|
65
|
|
|
|
|
83
|
|
Total ending units in service
|
|
|
|
|
1,256
|
|
|
|
|
1,274
|
|
|
|
|
1,299
|
|
|
|
|
1,327
|
|
|
|
|
1,376
|
|
|
|
|
1,408
|
|
|
|
|
1,445
|
|
|
|
|
1,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
|
|
6/30/2014
|
|
|
|
3/31/2014
|
|
|
|
12/31/2013
|
|
|
|
9/30/2013
|
|
|
|
6/30/2013
|
|
|
|
3/31/2013
|
|
Paging ARPU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
$
|
7.45
|
|
|
$
|
7.48
|
|
|
$
|
7.48
|
|
|
$
|
7.59
|
|
|
$
|
7.60
|
|
|
$
|
7.64
|
|
|
$
|
7.67
|
|
|
$
|
7.73
|
|
Direct two-way
|
|
|
17.95
|
|
|
|
18.17
|
|
|
|
18.21
|
|
|
|
18.91
|
|
|
|
19.43
|
|
|
|
19.93
|
|
|
|
19.95
|
|
|
|
20.41
|
|
Total direct
|
|
|
8.00
|
|
|
|
8.05
|
|
|
|
8.06
|
|
|
|
8.19
|
|
|
|
8.23
|
|
|
|
8.29
|
|
|
|
8.33
|
|
|
|
8.40
|
|
Indirect one-way
|
|
|
8.13
|
|
|
|
8.24
|
|
|
|
8.18
|
|
|
|
8.22
|
|
|
|
8.68
|
|
|
|
8.90
|
|
|
|
8.97
|
|
|
|
8.22
|
|
Indirect two-way
|
|
|
4.06
|
|
|
|
4.31
|
|
|
|
4.45
|
|
|
|
4.32
|
|
|
|
3.97
|
|
|
|
3.97
|
|
|
|
3.89
|
|
|
|
3.76
|
|
Total indirect
|
|
|
6.12
|
|
|
|
6.32
|
|
|
|
6.39
|
|
|
|
6.37
|
|
|
|
6.47
|
|
|
|
6.57
|
|
|
|
6.31
|
|
|
|
5.85
|
|
Total one-way
|
|
|
7.46
|
|
|
|
7.50
|
|
|
|
7.50
|
|
|
|
7.60
|
|
|
|
7.63
|
|
|
|
7.68
|
|
|
|
7.71
|
|
|
|
7.74
|
|
Total two-way
|
|
|
13.87
|
|
|
|
14.10
|
|
|
|
14.22
|
|
|
|
14.70
|
|
|
|
14.90
|
|
|
|
15.20
|
|
|
|
14.40
|
|
|
|
13.96
|
|
Total paging ARPU
|
|
$
|
7.92
|
|
|
$
|
7.97
|
|
|
$
|
7.98
|
|
|
$
|
8.11
|
|
|
$
|
8.15
|
|
|
$
|
8.22
|
|
|
$
|
8.22
|
|
|
$
|
8.25
|
|
Gross disconnect rate (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
(4.1
|
)%
|
|
|
(5.5
|
)%
|
|
|
(5.7
|
)%
|
|
|
(6.4
|
)%
|
|
|
(4.7
|
)%
|
|
|
(5.6
|
)%
|
|
|
(5.0
|
)%
|
|
|
(4.6
|
)%
|
Direct two-way
|
|
|
(4.5
|
)%
|
|
|
(7.3
|
)%
|
|
|
(10.5
|
)%
|
|
|
(5.6
|
)%
|
|
|
(6.4
|
)%
|
|
|
(7.9
|
)%
|
|
|
(6.7
|
)%
|
|
|
(6.6
|
)%
|
Total direct
|
|
|
(4.1
|
)%
|
|
|
(5.4
|
)%
|
|
|
(6.0
|
)%
|
|
|
(6.4
|
)%
|
|
|
(4.8
|
)%
|
|
|
(5.7
|
)%
|
|
|
(5.1
|
)%
|
|
|
(4.7
|
)%
|
Indirect one-way
|
|
|
(6.5
|
)%
|
|
|
(6.4
|
)%
|
|
|
(6.8
|
)%
|
|
|
(8.2
|
)%
|
|
|
(6.1
|
)%
|
|
|
(6.3
|
)%
|
|
|
(7.4
|
)%
|
|
|
(23.6
|
)%
|
Indirect two-way
|
|
|
(2.3
|
)%
|
|
|
(1.9
|
)%
|
|
|
(2.7
|
)%
|
|
|
(2.3
|
)%
|
|
|
(5.7
|
)%
|
|
|
(4.8
|
)%
|
|
|
(34.0
|
)%
|
|
|
(1.6
|
)%
|
Total indirect
|
|
|
(4.4
|
)%
|
|
|
(4.2
|
)%
|
|
|
(4.8
|
)%
|
|
|
(5.5
|
)%
|
|
|
(5.9
|
)%
|
|
|
(5.6
|
)%
|
|
|
(22.3
|
)%
|
|
|
(12.5
|
)%
|
Total one-way
|
|
|
(4.2
|
)%
|
|
|
(5.3
|
)%
|
|
|
(5.8
|
)%
|
|
|
(6.5
|
)%
|
|
|
(4.8
|
)%
|
|
|
(5.6
|
)%
|
|
|
(5.1
|
)%
|
|
|
(5.2
|
)%
|
Total two-way
|
|
|
(3.9
|
)%
|
|
|
(5.7
|
)%
|
|
|
(8.3
|
)%
|
|
|
(4.7
|
)%
|
|
|
(6.2
|
)%
|
|
|
(7.0
|
)%
|
|
|
(17.3
|
)%
|
|
|
(4.7
|
)%
|
Total paging gross disconnect rate
|
|
|
(4.1
|
)%
|
|
|
(5.3
|
)%
|
|
|
(5.9
|
)%
|
|
|
(6.3
|
)%
|
|
|
(4.9
|
)%
|
|
|
(5.7
|
)%
|
|
|
(6.1
|
)%
|
|
|
(5.2
|
)%
|
Net loss rate (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct one-way
|
|
|
(1.4
|
)%
|
|
|
(1.8
|
)%
|
|
|
(1.9
|
)%
|
|
|
(3.7
|
)%
|
|
|
(2.1
|
)%
|
|
|
(2.5
|
)%
|
|
|
(1.3
|
)%
|
|
|
(1.7
|
)%
|
Direct two-way
|
|
|
(0.1
|
)%
|
|
|
(3.0
|
)%
|
|
|
(4.5
|
)%
|
|
|
(0.6
|
)%
|
|
|
(2.2
|
)%
|
|
|
(3.6
|
)%
|
|
|
(0.4
|
)%
|
|
|
(1.9
|
)%
|
Total direct
|
|
|
(1.4
|
)%
|
|
|
(1.9
|
)%
|
|
|
(2.0
|
)%
|
|
|
(3.5
|
)%
|
|
|
(2.1
|
)%
|
|
|
(2.5
|
)%
|
|
|
(1.3
|
)%
|
|
|
(1.7
|
)%
|
Indirect one-way
|
|
|
(4.3
|
)%
|
|
|
(4.1
|
)%
|
|
|
(4.8
|
)%
|
|
|
(6.3
|
)%
|
|
|
(3.9
|
)%
|
|
|
(3.3
|
)%
|
|
|
(4.7
|
)%
|
|
|
(21.8
|
)%
|
Indirect two-way
|
|
|
(2.0
|
)%
|
|
|
(1.5
|
)%
|
|
|
(2.2
|
)%
|
|
|
(1.9
|
)%
|
|
|
(4.9
|
)%
|
|
|
(4.1
|
)%
|
|
|
(33.7
|
)%
|
|
|
(1.3
|
)%
|
Total indirect
|
|
|
(3.1
|
)%
|
|
|
(2.8
|
)%
|
|
|
(3.5
|
)%
|
|
|
(4.2
|
)%
|
|
|
(4.4
|
)%
|
|
|
(3.6
|
)%
|
|
|
(21.0
|
)%
|
|
|
(11.5
|
)%
|
Total one-way
|
|
|
(1.5
|
)%
|
|
|
(1.9
|
)%
|
|
|
(2.0
|
)%
|
|
|
(3.7
|
)%
|
|
|
(2.2
|
)%
|
|
|
(2.5
|
)%
|
|
|
(1.4
|
)%
|
|
|
(2.4
|
)%
|
Total two-way
|
|
|
(0.6
|
)%
|
|
|
(2.5
|
)%
|
|
|
(3.8
|
)%
|
|
|
(1.0
|
)%
|
|
|
(3.0
|
)%
|
|
|
(3.8
|
)%
|
|
|
(13.3
|
)%
|
|
|
(1.6
|
)%
|
Total paging net loss rate
|
|
|
(1.4
|
)%
|
|
|
(1.9
|
)%
|
|
|
(2.1
|
)%
|
|
|
(3.5
|
)%
|
|
|
(2.2
|
)%
|
|
|
(2.6
|
)%
|
|
|
(2.4
|
)%
|
|
|
(2.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
12/31/2014
|
|
|
|
9/30/2014
|
|
|
|
6/30/2014
|
|
|
|
3/31/2014
|
|
|
|
12/31/2013
|
|
|
|
9/30/2013
|
|
|
|
6/30/2013
|
|
|
|
3/31/2013
|
Gross placement rate (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare
|
|
|
|
|
3.0 %
|
|
|
|
3.8 %
|
|
|
|
4.5 %
|
|
|
|
3.1 %
|
|
|
|
2.9 %
|
|
|
|
3.3 %
|
|
|
|
4.5 %
|
|
|
|
3.4 %
|
Government
|
|
|
|
|
1.2 %
|
|
|
|
1.5 %
|
|
|
|
2.6 %
|
|
|
|
1.9 %
|
|
|
|
1.5 %
|
|
|
|
1.7 %
|
|
|
|
2.3 %
|
|
|
|
1.6 %
|
Large enterprise
|
|
|
|
|
2.3 %
|
|
|
|
2.7 %
|
|
|
|
2.0 %
|
|
|
|
2.9 %
|
|
|
|
3.0 %
|
|
|
|
4.3 %
|
|
|
|
2.4 %
|
|
|
|
2.1 %
|
Other
|
|
|
|
|
2.1 %
|
|
|
|
4.3 %
|
|
|
|
2.2 %
|
|
|
|
2.1 %
|
|
|
|
1.7 %
|
|
|
|
2.0 %
|
|
|
|
1.5 %
|
|
|
|
1.8 %
|
Total direct
|
|
|
|
|
2.8 %
|
|
|
|
3.5 %
|
|
|
|
4.0 %
|
|
|
|
2.9 %
|
|
|
|
2.7 %
|
|
|
|
3.1 %
|
|
|
|
3.8 %
|
|
|
|
3.0 %
|
Total indirect
|
|
|
|
|
1.3 %
|
|
|
|
1.4 %
|
|
|
|
1.3 %
|
|
|
|
1.2 %
|
|
|
|
1.5 %
|
|
|
|
1.9 %
|
|
|
|
1.4 %
|
|
|
|
1.0 %
|
Total
|
|
|
|
|
2.7 %
|
|
|
|
3.4 %
|
|
|
|
3.9 %
|
|
|
|
2.8 %
|
|
|
|
2.7 %
|
|
|
|
3.1 %
|
|
|
|
3.7 %
|
|
|
|
2.9 %
|
Gross disconnect rate (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare
|
|
|
|
|
(3.8)%
|
|
|
|
(5.1)%
|
|
|
|
(5.3)%
|
|
|
|
(6.5)%
|
|
|
|
(4.5)%
|
|
|
|
(5.2)%
|
|
|
|
(4.4)%
|
|
|
|
(3.9)%
|
Government
|
|
|
|
|
(4.7)%
|
|
|
|
(7.5)%
|
|
|
|
(7.6)%
|
|
|
|
(5.6)%
|
|
|
|
(4.7)%
|
|
|
|
(7.9)%
|
|
|
|
(7.1)%
|
|
|
|
(5.9)%
|
Large enterprise
|
|
|
|
|
(4.7)%
|
|
|
|
(4.8)%
|
|
|
|
(8.9)%
|
|
|
|
(5.4)%
|
|
|
|
(6.4)%
|
|
|
|
(6.0)%
|
|
|
|
(6.7)%
|
|
|
|
(7.0)%
|
Other
|
|
|
|
|
(6.4)%
|
|
|
|
(6.9)%
|
|
|
|
(7.7)%
|
|
|
|
(6.5)%
|
|
|
|
(6.5)%
|
|
|
|
(6.5)%
|
|
|
|
(7.4)%
|
|
|
|
(7.3)%
|
Total direct
|
|
|
|
|
(4.1)%
|
|
|
|
(5.4)%
|
|
|
|
(6.0)%
|
|
|
|
(6.4)%
|
|
|
|
(4.8)%
|
|
|
|
(5.7)%
|
|
|
|
(5.1)%
|
|
|
|
(4.7)%
|
Total indirect
|
|
|
|
|
(4.4)%
|
|
|
|
(4.2)%
|
|
|
|
(4.8)%
|
|
|
|
(5.5)%
|
|
|
|
(5.9)%
|
|
|
|
(5.6)%
|
|
|
|
(22.3)%
|
|
|
|
(12.5)%
|
Total
|
|
|
|
|
(4.1)%
|
|
|
|
(5.3)%
|
|
|
|
(5.9)%
|
|
|
|
(6.3)%
|
|
|
|
(4.9)%
|
|
|
|
(5.7)%
|
|
|
|
(6.1)%
|
|
|
|
(5.2)%
|
Net loss rate (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare
|
|
|
|
|
(0.7)%
|
|
|
|
(1.3)%
|
|
|
|
(0.8)%
|
|
|
|
(3.5)%
|
|
|
|
(1.5)%
|
|
|
|
(1.9)%
|
|
|
|
-%
|
|
|
|
(0.5)%
|
Government
|
|
|
|
|
(3.5)%
|
|
|
|
(6.0)%
|
|
|
|
(5.0)%
|
|
|
|
(3.6)%
|
|
|
|
(3.2)%
|
|
|
|
(6.3)%
|
|
|
|
(4.6)%
|
|
|
|
(4.3)%
|
Large enterprise
|
|
|
|
|
(2.4)%
|
|
|
|
(2.1)%
|
|
|
|
(6.9)%
|
|
|
|
(2.5)%
|
|
|
|
(3.3)%
|
|
|
|
(1.6)%
|
|
|
|
(4.2)%
|
|
|
|
(4.9)%
|
Other
|
|
|
|
|
(4.4)%
|
|
|
|
(2.5)%
|
|
|
|
(5.5)%
|
|
|
|
(4.4)%
|
|
|
|
(4.8)%
|
|
|
|
(4.5)%
|
|
|
|
(5.9)%
|
|
|
|
(5.5)%
|
Total direct
|
|
|
|
|
(1.4)%
|
|
|
|
(1.9)%
|
|
|
|
(2.0)%
|
|
|
|
(3.5)%
|
|
|
|
(2.1)%
|
|
|
|
(2.5)%
|
|
|
|
(1.3)%
|
|
|
|
(1.7)%
|
Total indirect
|
|
|
|
|
(3.1)%
|
|
|
|
(2.8)%
|
|
|
|
(3.5)%
|
|
|
|
(4.2)%
|
|
|
|
(4.4)%
|
|
|
|
(3.6)%
|
|
|
|
(21.0)%
|
|
|
|
(11.5)%
|
Total
|
|
|
|
|
(1.4)%
|
|
|
|
(1.9)%
|
|
|
|
(2.1)%
|
|
|
|
(3.5)%
|
|
|
|
(2.2)%
|
|
|
|
(2.6)%
|
|
|
|
(2.4)%
|
|
|
|
(2.3)%
|
End of period units in service % of total (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare
|
|
|
|
|
74.1 %
|
|
|
|
73.6 %
|
|
|
|
73.0 %
|
|
|
|
72.0 %
|
|
|
|
71.9 %
|
|
|
|
71.4 %
|
|
|
|
70.9 %
|
|
|
|
68.4 %
|
Government
|
|
|
|
|
7.8 %
|
|
|
|
7.9 %
|
|
|
|
8.3 %
|
|
|
|
8.6 %
|
|
|
|
8.6 %
|
|
|
|
8.8 %
|
|
|
|
9.1 %
|
|
|
|
10.1 %
|
Large enterprise
|
|
|
|
|
7.7 %
|
|
|
|
7.8 %
|
|
|
|
7.8 %
|
|
|
|
8.2 %
|
|
|
|
8.1 %
|
|
|
|
8.2 %
|
|
|
|
8.1 %
|
|
|
|
8.3 %
|
Other
|
|
|
|
|
6.2 %
|
|
|
|
6.4 %
|
|
|
|
6.6 %
|
|
|
|
6.8 %
|
|
|
|
7.0 %
|
|
|
|
7.1 %
|
|
|
|
7.3 %
|
|
|
|
7.6 %
|
Total direct
|
|
|
|
|
95.8 %
|
|
|
|
95.7 %
|
|
|
|
95.7 %
|
|
|
|
95.6 %
|
|
|
|
95.6 %
|
|
|
|
95.5 %
|
|
|
|
95.4 %
|
|
|
|
94.4 %
|
Total indirect
|
|
|
|
|
4.2 %
|
|
|
|
4.3 %
|
|
|
|
4.3 %
|
|
|
|
4.4 %
|
|
|
|
4.4 %
|
|
|
|
4.5 %
|
|
|
|
4.6 %
|
|
|
|
5.6 %
|
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
|
|
|
|
|
|
|
12/31/2014
|
|
|
|
|
|
9/30/2014
|
|
|
|
|
|
6/30/2014
|
|
|
|
|
|
3/31/2014
|
|
|
|
|
|
12/31/2013
|
|
|
|
|
|
9/30/2013
|
|
|
|
|
|
6/30/2013
|
|
|
|
|
|
3/31/2013
|
|
Account size ending units in service (000's)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 to 3 units
|
|
|
|
|
|
35
|
|
|
|
|
|
37
|
|
|
|
|
|
39
|
|
|
|
|
|
41
|
|
|
|
|
|
43
|
|
|
|
|
|
45
|
|
|
|
|
|
47
|
|
|
|
|
|
49
|
|
4 to 10 units
|
|
|
|
|
|
21
|
|
|
|
|
|
22
|
|
|
|
|
|
23
|
|
|
|
|
|
24
|
|
|
|
|
|
25
|
|
|
|
|
|
26
|
|
|
|
|
|
28
|
|
|
|
|
|
29
|
|
11 to 50 units
|
|
|
|
|
|
51
|
|
|
|
|
|
53
|
|
|
|
|
|
56
|
|
|
|
|
|
57
|
|
|
|
|
|
61
|
|
|
|
|
|
64
|
|
|
|
|
|
67
|
|
|
|
|
|
71
|
|
51 to 100 units
|
|
|
|
|
|
34
|
|
|
|
|
|
36
|
|
|
|
|
|
38
|
|
|
|
|
|
41
|
|
|
|
|
|
42
|
|
|
|
|
|
43
|
|
|
|
|
|
45
|
|
|
|
|
|
47
|
|
101 to 1,000 units
|
|
|
|
|
|
262
|
|
|
|
|
|
267
|
|
|
|
|
|
275
|
|
|
|
|
|
282
|
|
|
|
|
|
287
|
|
|
|
|
|
293
|
|
|
|
|
|
305
|
|
|
|
|
|
321
|
|
>1,000 units
|
|
|
|
|
|
801
|
|
|
|
|
|
805
|
|
|
|
|
|
812
|
|
|
|
|
|
824
|
|
|
|
|
|
857
|
|
|
|
|
|
874
|
|
|
|
|
|
888
|
|
|
|
|
|
880
|
|
Total
|
|
|
|
|
|
1,204
|
|
|
|
|
|
1,220
|
|
|
|
|
|
1,243
|
|
|
|
|
|
1,269
|
|
|
|
|
|
1,315
|
|
|
|
|
|
1,345
|
|
|
|
|
|
1,380
|
|
|
|
|
|
1,397
|
|
End of period units in service % of total direct
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 to 3 units
|
|
|
|
|
|
2.9
|
%
|
|
|
|
|
3.0
|
%
|
|
|
|
|
3.1
|
%
|
|
|
|
|
3.2
|
%
|
|
|
|
|
3.2
|
%
|
|
|
|
|
3.3
|
%
|
|
|
|
|
3.4
|
%
|
|
|
|
|
3.5
|
%
|
4 to 10 units
|
|
|
|
|
|
1.7
|
%
|
|
|
|
|
1.8
|
%
|
|
|
|
|
1.8
|
%
|
|
|
|
|
1.9
|
%
|
|
|
|
|
1.9
|
%
|
|
|
|
|
2.0
|
%
|
|
|
|
|
2.0
|
%
|
|
|
|
|
2.1
|
%
|
11 to 50 units
|
|
|
|
|
|
4.2
|
%
|
|
|
|
|
4.3
|
%
|
|
|
|
|
4.5
|
%
|
|
|
|
|
4.5
|
%
|
|
|
|
|
4.6
|
%
|
|
|
|
|
4.8
|
%
|
|
|
|
|
4.8
|
%
|
|
|
|
|
5.1
|
%
|
51 to 100 units
|
|
|
|
|
|
2.8
|
%
|
|
|
|
|
3.0
|
%
|
|
|
|
|
3.1
|
%
|
|
|
|
|
3.2
|
%
|
|
|
|
|
3.2
|
%
|
|
|
|
|
3.2
|
%
|
|
|
|
|
3.2
|
%
|
|
|
|
|
3.4
|
%
|
101 to 1,000 units
|
|
|
|
|
|
21.8
|
%
|
|
|
|
|
21.9
|
%
|
|
|
|
|
22.1
|
%
|
|
|
|
|
22.3
|
%
|
|
|
|
|
21.9
|
%
|
|
|
|
|
21.8
|
%
|
|
|
|
|
22.1
|
%
|
|
|
|
|
23.0
|
%
|
>1,000 units
|
|
|
|
|
|
66.6
|
%
|
|
|
|
|
66.0
|
%
|
|
|
|
|
65.4
|
%
|
|
|
|
|
64.9
|
%
|
|
|
|
|
65.2
|
%
|
|
|
|
|
64.9
|
%
|
|
|
|
|
64.5
|
%
|
|
|
|
|
62.9
|
%
|
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
|
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(4.8
|
)%
|
|
|
|
|
(4.1
|
)%
|
|
|
|
|
(4.9
|
)%
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(4.6
|
)%
|
|
|
|
|
(5.1
|
)%
|
|
|
|
|
(4.8
|
)%
|
4 to 10 units
|
|
|
|
|
|
(5.5
|
)%
|
|
|
|
|
(4.0
|
)%
|
|
|
|
|
(5.4
|
)%
|
|
|
|
|
(4.1
|
)%
|
|
|
|
|
(3.8
|
)%
|
|
|
|
|
(5.3
|
)%
|
|
|
|
|
(5.3
|
)%
|
|
|
|
|
(6.0
|
)%
|
11 to 50 units
|
|
|
|
|
|
(3.8
|
)%
|
|
|
|
|
(5.2
|
)%
|
|
|
|
|
(3.2
|
)%
|
|
|
|
|
(5.3
|
)%
|
|
|
|
|
(4.4
|
)%
|
|
|
|
|
(3.9
|
)%
|
|
|
|
|
(6.4
|
)%
|
|
|
|
|
(4.8
|
)%
|
51 to 100 units
|
|
|
|
|
|
(5.4
|
)%
|
|
|
|
|
(5.2
|
)%
|
|
|
|
|
(8.7
|
)%
|
|
|
|
|
(1.2
|
)%
|
|
|
|
|
(3.5
|
)%
|
|
|
|
|
(2.8
|
)%
|
|
|
|
|
(5.3
|
)%
|
|
|
|
|
(4.0
|
)%
|
101 to 1,000 units
|
|
|
|
|
|
(2.0
|
)%
|
|
|
|
|
(2.9
|
)%
|
|
|
|
|
(2.5
|
)%
|
|
|
|
|
(1.7
|
)%
|
|
|
|
|
(1.7
|
)%
|
|
|
|
|
(4.0
|
)%
|
|
|
|
|
(5.0
|
)%
|
|
|
|
|
(3.9
|
)%
|
>1,000 units
|
|
|
|
|
|
(0.5
|
)%
|
|
|
|
|
(1.0
|
)%
|
|
|
|
|
(1.2
|
)%
|
|
|
|
|
(4.0
|
)%
|
|
|
|
|
(1.8
|
)%
|
|
|
|
|
(1.7
|
)%
|
|
|
|
|
1.1
|
%
|
|
|
|
|
(0.2
|
)%
|
Total
|
|
|
|
|
|
(1.4
|
)%
|
|
|
|
|
(1.9
|
)%
|
|
|
|
|
(2.0
|
)%
|
|
|
|
|
(3.5
|
)%
|
|
|
|
|
(2.1
|
)%
|
|
|
|
|
(2.5
|
)%
|
|
|
|
|
(1.3
|
)%
|
|
|
|
|
(1.7
|
)%
|
Account size ARPU
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 to 3 units
|
|
|
|
|
$
|
14.53
|
|
|
|
|
$
|
14.65
|
|
|
|
|
$
|
14.86
|
|
|
|
|
$
|
14.96
|
|
|
|
|
$
|
14.98
|
|
|
|
|
$
|
15.13
|
|
|
|
|
$
|
15.12
|
|
|
|
|
$
|
15.22
|
|
4 to 10 units
|
|
|
|
|
|
14.09
|
|
|
|
|
|
14.04
|
|
|
|
|
|
14.12
|
|
|
|
|
|
14.22
|
|
|
|
|
|
14.29
|
|
|
|
|
|
14.38
|
|
|
|
|
|
14.29
|
|
|
|
|
|
14.33
|
|
11 to 50 units
|
|
|
|
|
|
12.00
|
|
|
|
|
|
11.95
|
|
|
|
|
|
12.00
|
|
|
|
|
|
12.07
|
|
|
|
|
|
11.96
|
|
|
|
|
|
12.06
|
|
|
|
|
|
11.96
|
|
|
|
|
|
12.06
|
|
51 to 100 units
|
|
|
|
|
|
10.15
|
|
|
|
|
|
10.16
|
|
|
|
|
|
10.18
|
|
|
|
|
|
10.27
|
|
|
|
|
|
10.34
|
|
|
|
|
|
10.66
|
|
|
|
|
|
10.42
|
|
|
|
|
|
10.47
|
|
101 to 1,000 units
|
|
|
|
|
|
8.79
|
|
|
|
|
|
8.69
|
|
|
|
|
|
8.58
|
|
|
|
|
|
8.76
|
|
|
|
|
|
8.89
|
|
|
|
|
|
8.85
|
|
|
|
|
|
8.84
|
|
|
|
|
|
8.84
|
|
>1,000 units
|
|
|
|
|
|
6.93
|
|
|
|
|
|
6.99
|
|
|
|
|
|
7.00
|
|
|
|
|
|
7.11
|
|
|
|
|
|
7.11
|
|
|
|
|
|
7.17
|
|
|
|
|
|
7.19
|
|
|
|
|
|
7.23
|
|
Total
|
|
|
|
|
$
|
8.00
|
|
|
|
|
$
|
8.05
|
|
|
|
|
$
|
8.06
|
|
|
|
|
$
|
8.19
|
|
|
|
|
$
|
8.23
|
|
|
|
|
$
|
8.29
|
|
|
|
|
$
|
8.33
|
|
|
|
|
$
|
8.40
|
|
Cellular:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of activations
|
|
|
|
|
|
264
|
|
|
|
|
|
2,198
|
|
|
|
|
|
1,679
|
|
|
|
|
|
281
|
|
|
|
|
|
690
|
|
|
|
|
|
970
|
|
|
|
|
|
799
|
|
|
|
|
|
925
|
|
Revenue from cellular services (000's)
|
|
|
|
|
$
|
77
|
|
|
|
|
$
|
395
|
|
|
|
|
$
|
278
|
|
|
|
|
$
|
108
|
|
|
|
|
$
|
129
|
|
|
|
|
$
|
235
|
|
|
|
|
$
|
163
|
|
|
|
|
$
|
195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Slight variations in totals are due to rounding.
|
|
|
SPOK HOLDINGS, INC.
|
2015 FINANCIAL GUIDANCE
|
|
|
|
|
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
Guidance Range
|
|
|
|
From
|
|
To
|
Revenues
|
|
|
|
|
|
|
Wireless
|
|
$
|
112
|
|
$
|
122
|
|
Software
|
|
|
71
|
|
|
79
|
|
|
|
$
|
183
|
|
$
|
201
|
|
|
|
|
|
|
Operating Expenses (a)
|
|
|
$
|
145
|
|
$
|
154
|
|
|
|
|
|
|
Capital Expenses
|
|
|
$
|
5.5
|
|
$
|
7.5
|
|
|
|
|
|
|
(a) Operating expenses exclude depreciation, amortization and
accretion.
|
|
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|