Spok Reports Fourth Quarter and Full Year 2024 Results
Spok Holdings (NASDAQ: SPOK) reported strong Q4 and full year 2024 results, highlighted by significant growth in software operations. Q4 software bookings reached $7.1 million, up 73.2% year-over-year, with total 2024 bookings of $34.1 million, representing a 13.2% increase from 2023.
The company's software backlog grew to $62.4 million, up 22% from the previous year. Q4 featured 20 six and seven-figure customer contracts, while wireless ARPU increased 4% to $8.16. Spok generated $15.0 million in net income and $29.2 million in adjusted EBITDA for 2024, returning $26.4 million to stockholders while investing $11.5 million in R&D.
The Board declared a quarterly dividend of $0.3125 per share, payable March 31, 2025. The company ended the year with $29.1 million in cash and cash equivalents, an increase of $1.3 million in Q4.
Spok Holdings (NASDAQ: SPOK) ha riportato risultati solidi per il quarto trimestre e l'intero anno 2024, evidenziati da una crescita significativa nelle operazioni software. Le prenotazioni software del Q4 hanno raggiunto $7.1 milioni, con un aumento del 73.2% rispetto all'anno precedente, mentre le prenotazioni totali per il 2024 ammontano a $34.1 milioni, con un incremento del 13.2% rispetto al 2023.
Il backlog software dell'azienda è cresciuto a $62.4 milioni, con un aumento del 22% rispetto all'anno precedente. Nel Q4 sono stati firmati 20 contratti con clienti del valore di sei e sette cifre, mentre l'ARPU wireless è aumentato del 4% a $8.16. Spok ha generato $15.0 milioni di reddito netto e $29.2 milioni di EBITDA rettificato per il 2024, restituendo $26.4 milioni agli azionisti mentre ha investito $11.5 milioni in ricerca e sviluppo.
Il Consiglio ha dichiarato un dividendo trimestrale di $0.3125 per azione, pagabile il 31 marzo 2025. L'azienda ha chiuso l'anno con $29.1 milioni in contante e equivalenti, un aumento di $1.3 milioni nel Q4.
Spok Holdings (NASDAQ: SPOK) reportó resultados sólidos para el cuarto trimestre y el año completo 2024, destacados por un crecimiento significativo en las operaciones de software. Las reservas de software del Q4 alcanzaron $7.1 millones, un aumento del 73.2% en comparación con el año anterior, con un total de reservas de $34.1 millones para 2024, lo que representa un incremento del 13.2% respecto a 2023.
El backlog de software de la empresa creció a $62.4 millones, un aumento del 22% respecto al año anterior. El Q4 presentó 20 contratos con clientes de seis y siete cifras, mientras que el ARPU inalámbrico aumentó un 4% a $8.16. Spok generó $15.0 millones en ingresos netos y $29.2 millones en EBITDA ajustado para 2024, devolviendo $26.4 millones a los accionistas mientras invertía $11.5 millones en I+D.
La Junta declaró un dividendo trimestral de $0.3125 por acción, pagadero el 31 de marzo de 2025. La empresa cerró el año con $29.1 millones en efectivo y equivalentes, un aumento de $1.3 millones en el Q4.
Spok Holdings (NASDAQ: SPOK)는 2024년 4분기 및 전체 연도에 대한 강력한 실적을 보고했으며, 이는 소프트웨어 운영에서의 상당한 성장을 강조합니다. 4분기 소프트웨어 예약은 $7.1 백만에 도달했으며, 이는 전년 대비 73.2% 증가한 수치입니다. 2024년 총 예약은 $34.1 백만으로, 2023년 대비 13.2% 증가했습니다.
회사의 소프트웨어 백로그는 $62.4 백만으로 증가했으며, 이는 전년 대비 22% 증가한 수치입니다. 4분기에는 20개의 6자리 및 7자리 고객 계약이 체결되었으며, 무선 ARPU는 4% 증가하여 $8.16에 달했습니다. Spok은 2024년에 $15.0 백만의 순이익과 $29.2 백만의 조정 EBITDA를 생성했으며, $26.4 백만을 주주에게 반환하고 $11.5 백만을 연구 및 개발에 투자했습니다.
이사회는 주당 $0.3125의 분기 배당금을 선언했으며, 이는 2025년 3월 31일에 지급될 예정입니다. 회사는 연말에 $29.1 백만의 현금 및 현금성 자산을 보유하고 있으며, 4분기 동안 $1.3 백만이 증가했습니다.
Spok Holdings (NASDAQ: SPOK) a annoncé de solides résultats pour le quatrième trimestre et l'année entière 2024, marqués par une croissance significative des opérations logicielles. Les réservations logicielles pour le Q4 ont atteint $7.1 millions, soit une augmentation de 73.2% par rapport à l'année précédente, avec des réservations totales de $34.1 millions pour 2024, représentant une augmentation de 13.2% par rapport à 2023.
Le carnet de commandes de logiciels de l'entreprise a augmenté à $62.4 millions, soit une hausse de 22% par rapport à l'année précédente. Le Q4 a présenté 20 contrats clients à six et sept chiffres, tandis que l'ARPU sans fil a augmenté de 4% pour atteindre $8.16. Spok a généré $15.0 millions de bénéfice net et $29.2 millions d'EBITDA ajusté pour 2024, retournant $26.4 millions aux actionnaires tout en investissant $11.5 millions en R&D.
Le Conseil a déclaré un dividende trimestriel de $0.3125 par action, payable le 31 mars 2025. L'entreprise a terminé l'année avec $29.1 millions en espèces et équivalents, soit une augmentation de $1.3 millions au Q4.
Spok Holdings (NASDAQ: SPOK) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, die durch ein signifikantes Wachstum in den Software-Operationen gekennzeichnet sind. Die Softwarebuchungen im Q4 erreichten $7.1 Millionen, was einem Anstieg von 73.2% im Jahresvergleich entspricht, während die Gesamtbuchungen für 2024 $34.1 Millionen betrugen, was einem Anstieg von 13.2% gegenüber 2023 entspricht.
Der Softwareauftragsbestand des Unternehmens wuchs auf $62.4 Millionen, was einem Anstieg von 22% im Vergleich zum Vorjahr entspricht. Im Q4 wurden 20 Verträge mit Kunden in sechs- und siebenstelliger Höhe abgeschlossen, während der drahtlose ARPU um 4% auf $8.16 stieg. Spok erzielte ein Nettoergebnis von $15.0 Millionen und ein angepasstes EBITDA von $29.2 Millionen für 2024, wobei $26.4 Millionen an die Aktionäre zurückgegeben und $11.5 Millionen in Forschung und Entwicklung investiert wurden.
Der Vorstand erklärte eine vierteljährliche Dividende von $0.3125 pro Aktie, zahlbar am 31. März 2025. Das Unternehmen schloss das Jahr mit $29.1 Millionen in Bargeld und Zahlungsmitteln ab, was einen Anstieg von $1.3 Millionen im Q4 darstellt.
- Software operations bookings up 73.2% YoY in Q4 to $7.1M
- Software backlog increased 22% YoY to $62.4M
- Net income of $15.0M and adjusted EBITDA of $29.2M in 2024
- Wireless ARPU up 4% YoY to $8.16
- 20 six and seven-figure contracts in Q4
- Cash balance increased to $29.1M
- Slight decline expected in wireless revenue for 2025
- R&D costs increased to $11.5M
Insights
Spok Holdings delivered impressive Q4 and full-year 2024 results, highlighting successful execution of its strategy to grow software revenue while maintaining strong cash flow. Software operations bookings surged
The quality of Spok's software business is improving substantially, evidenced by 20 six and seven-figure contracts in Q4 alone, with average new contract size increasing by over
Financially, Spok generated
Management's 2025 guidance projects continued consolidated revenue growth, primarily driven by software expansion partially offset by modest wireless declines. The guidance suggests confidence in the company's trajectory, supported by the record backlog and improved contract economics. Spok's ability to grow software revenue while maintaining flat operating expenses demonstrates effective operational leverage that should benefit margins as the higher-margin software business continues to expand.
Spok's Q4 results demonstrate significant technical and product momentum in healthcare communications. The
The substantial increase in multi-year engagements (40 in 2024, up significantly YoY) signals strong product stickiness and customer confidence in Spok's development roadmap. Healthcare organizations typically commit to multi-year contracts only when they see a solution as mission-critical and future-proof, suggesting Spok's offerings are increasingly viewed as essential infrastructure rather than discretionary technology.
The
Particularly impressive is Spok's ability to increase customer satisfaction while simultaneously growing their business – often a challenging balance in software development. This indicates their product development methodology is effectively incorporating customer feedback while maintaining quality through the growth phase.
The company's flat operating expenses despite increased R&D investment points to significant operational efficiencies, likely through automation, cloud infrastructure optimization, or development process improvements. As Spok continues transitioning from hardware-dependent wireless services to software-centric solutions, this operational discipline will be important for maintaining margins while funding continued innovation in areas like AI-assisted communications, interoperability with EHR systems, and mobile clinical workflow tools.
Strong Q4 Software Operations Bookings Drive More Than
Year-End Software Backlog Up Nearly
Recent Highlights:
-
Software operations bookings totaled
$7.1 million 73.2% from the fourth quarter of 2023, driving total 2024 software operations bookings of$34.1 million 13.2% from the prior year - Fourth quarter software operations bookings included 20 six and seven-figure customer contracts, up from the amount generated in the prior year quarter
-
Software backlog totaled
$62.4 million 22% from the prior year -
Fourth quarter 2024 Wireless average revenue per unit (ARPU) was
$8.16 4% on a year-over-year basis -
Capital returned to stockholders in the fourth quarter of 2024 totaled
$6.3 million $26.4 million -
Cash and cash equivalents increased by an additional
$1.3 million $29.1 million -
Research and development costs totaled
$11.5 million
"I am proud of the very strong finish to 2024 that our team was able to deliver in the fourth quarter and their continued dedication to Spok's mission to grow software revenue, generate cash flow and return capital to stockholders,” said Vincent D. Kelly, chief executive officer of Spok Holdings, Inc. “In 2024 we achieved numerous operational and financial milestones as a year-over-year increase in software revenue was coupled with essentially flat year-over-year operating expenses, despite continued growth in our investment in Spok's products and services. In addition, we strengthened our sales, product and development teams while making tremendous progress executing our product roadmap and building a robust product pipeline, both in terms of size and quality. We exited last year with record Software backlog levels, which were up nearly
"I believe Spok has done an excellent job of balancing the necessary investments required for our products and infrastructure in order to fuel future growth, while continuing to create stockholder value and return capital to our stockholders," continued Kelly. "In 2024, we generated
"Based on our performance in 2024, and the numerous financial and operational milestones we achieved during the year, we are providing 2025 guidance estimates for revenue and adjusted EBITDA. This guidance reflects the team's confidence in being able to outpace our last year's performance. At the midpoint of the guidance range, we believe we are on track to again grow consolidated revenue in 2025, on a year-over-year basis, with continued growth in software revenue, partially offset with slight declines in wireless revenue. We also anticipate that the midpoint of our adjusted EBITDA guidance will be consistent with last year, with additional growth potential at the high-end of the guidance range. Of course, we will continue to update you on our outlook each quarter when we report our results," concluded Kelly.
Financial Highlights:
|
For the three months ended December 31, |
|
For the year ended December 31, |
|||||||||||||||
(Dollars in thousands) |
2024 |
|
2023 |
|
Change (%) |
|
2024 |
|
2023 |
|
Change (%) |
|||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||||
Wireless revenue |
|
|
|
|
|
|
|
|
||||||||||
Paging revenue |
$ |
17,750 |
$ |
18,220 |
(2.6 |
)% |
$ |
70,958 |
|
$ |
73,135 |
|
(3.0 |
)% |
||||
Product and other revenue |
|
620 |
|
871 |
(28.8 |
)% |
|
2,565 |
|
|
2,833 |
|
(9.5 |
)% |
||||
Total wireless revenue |
$ |
18,370 |
$ |
19,091 |
(3.8 |
)% |
$ |
73,523 |
|
$ |
75,968 |
|
(3.2 |
)% |
||||
|
|
|
|
|
|
|
|
|
||||||||||
Software revenue |
|
|
|
|
|
|
|
|
||||||||||
License |
|
1,283 |
|
998 |
28.6 |
% |
|
7,648 |
|
|
8,721 |
|
(12.3 |
)% |
||||
Professional services - projects |
$ |
3,503 |
$ |
3,340 |
4.9 |
% |
$ |
14,616 |
|
$ |
13,305 |
|
9.9 |
% |
||||
Professional services - managed services |
|
1,226 |
|
445 |
175.5 |
% |
|
3,259 |
|
|
1,389 |
|
134.6 |
% |
||||
Hardware |
|
269 |
|
587 |
(54.2 |
)% |
|
1,382 |
|
|
2,675 |
|
(48.3 |
)% |
||||
Maintenance |
|
9,241 |
|
9,492 |
(2.6 |
)% |
|
37,225 |
|
|
36,967 |
|
0.7 |
% |
||||
Total software revenue |
$ |
15,522 |
$ |
14,862 |
4.4 |
% |
$ |
64,130 |
|
$ |
63,057 |
|
1.7 |
% |
||||
Total revenue |
$ |
33,892 |
$ |
33,953 |
(0.2 |
)% |
$ |
137,653 |
|
$ |
139,025 |
|
(1.0 |
)% |
||||
|
For the three months ended December 31, |
|
For the year ended December 31, |
|||||||||||||||
(Dollars in thousands) |
2024 |
|
2023 |
|
Change (%) |
|
2024 |
|
2023 |
|
Change (%) |
|||||||
GAAP |
|
|
|
|||||||||||||||
Operating expenses |
$ |
29,254 |
|
$ |
29,871 |
|
(2.1 |
)% |
|
$ |
118,688 |
|
$ |
117,797 |
|
0.8 |
% |
|
Net income |
$ |
3,644 |
|
$ |
3,365 |
|
8.3 |
% |
|
$ |
14,965 |
|
$ |
15,666 |
|
(4.5 |
)% |
|
Cash and cash equivalents (as of period end) |
$ |
29,145 |
|
$ |
31,989 |
|
(8.9 |
)% |
|
$ |
29,145 |
|
$ |
31,989 |
|
(8.9 |
)% |
|
Capital returned to stockholders |
$ |
6,336 |
|
$ |
6,238 |
|
1.6 |
% |
|
$ |
26,381 |
|
$ |
25,642 |
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Adjusted operating expenses |
$ |
28,313 |
|
$ |
28,765 |
|
(1.6 |
)% |
|
$ |
113,436 |
|
$ |
112,728 |
|
0.6 |
% |
|
Adjusted EBITDA |
$ |
7,055 |
|
$ |
6,509 |
|
8.4 |
% |
|
$ |
29,173 |
|
$ |
30,342 |
|
(3.9 |
)% |
|
For the three months ended December 31, |
|
For the year ended December 31, |
||||||||||||||||
(Dollars in thousands, excluding units in service and ARPU) |
2024 |
|
2023 |
|
Change (%) |
|
2024 |
|
2023 |
|
Change (%) |
|||||||
Key Statistics |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wireless units in service (000's) |
|
720 |
|
|
765 |
|
(5.9 |
)% |
|
|
720 |
|
|
765 |
|
(5.9 |
)% |
|
Wireless average revenue per unit (ARPU) |
$ |
8.16 |
|
$ |
7.84 |
|
4.1 |
% |
|
$ |
7.97 |
|
$ |
7.71 |
|
3.4 |
% |
|
Software operations bookings(1) |
$ |
7,124 |
|
$ |
4,112 |
|
73.2 |
% |
|
$ |
34,083 |
|
$ |
30,113 |
|
13.2 |
% |
|
Software backlog (as of period end)(2) |
$ |
62,439 |
|
$ |
51,315 |
|
21.7 |
% |
|
$ |
62,439 |
|
$ |
51,315 |
|
21.7 |
% |
|
(1) Software operations bookings includes net new (i.e., new customers or incremental add-on sales to existing customers) sales of license, professional services, equipment, and first-year maintenance. |
||||||||||||||||||
(2) Software backlog excludes |
||||||||||||||||||
Financial Outlook:
Regarding financial guidance, the Company expects the following for the full year 2025:
(Unaudited and in millions) |
|
Current Guidance
|
||||
|
|
From |
|
To |
||
Revenue |
|
|
|
|
||
Wireless |
|
$ |
69.0 |
|
$ |
72.0 |
Software |
|
$ |
65.0 |
|
$ |
70.0 |
Total Revenue |
|
$ |
134.0 |
|
$ |
142.0 |
|
|
|
|
|
||
Adjusted EBITDA |
|
$ |
27.5 |
|
$ |
32.5 |
2024 Fourth Quarter Call:
Management will host a conference call and webcast to discuss these financial results on Wednesday, February 26, 2025, at 5:00 p.m. Eastern Time. The presentation is open to all interested parties and may include forward-looking information.
Conference Call Details
Date/Time: |
Wednesday, February 26, 2025, at 5:00 p.m. ET |
|
Webcast: |
||
|
877-407-0890 |
|
International Dial In: |
1-201-389-0918 |
To access the call, please dial in approximately ten minutes before the start of the call. For those unable to join the live call, an OnDemand version of the webcast will be available following the call under the URL link and on the investor relations website.
* * * * * * * * *
About Spok
Spok Holdings, Inc. (NASDAQ: SPOK), headquartered in
Spok is a trademark of Spok Holdings, Inc. Spok Care Connect and Spok Mobile are trademarks of Spok, Inc.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: adjusted operating expenses and adjusted EBITDA. Adjusted operating expenses excludes depreciation and accretion expense, impairment of intangible assets and severance and restructuring costs. Adjusted EBITDA represents net income/(loss) before interest income/expense, income tax benefit/expense, depreciation and accretion expense, stock-based compensation expense, impairment of intangible assets and severance and restructuring. With respect to our expectations under "Financial Guidance" above, reconciliation of adjusted EBITDA to net income is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and uncertainty with respect to certain items included in net income that are excluded from adjusted EBITDA, in particular, income tax benefit/expense, stock-based compensation expenses, impairment of intangible assets, severance and restructuring and other non-recurring expenses. These items can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot be reasonably predicted.
We believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Spok's financial condition and results of operations. We use these non-GAAP measures for financial, operational, and budgetary decision-making purposes, to understand and evaluate our core operating performance and trends, and to generate future operating plans. We believe that these non-GAAP financial measures permit us to more thoroughly analyze key financial metrics used to make operational decisions and allow us to assess our core operating results. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other software companies who present similar non-GAAP financial measures. We adjust for certain items because we do not regard these costs as reflective of normal costs related to the ongoing operation of the business in the ordinary course. In general, these items possess one or more of the following characteristics: non-cash expenses, factors outside of our control, items that are non-operational in nature, and unusual items not expected to occur in the normal course of business. We believe it is important to exclude these costs, given that they do not represent future operational costs under this strategic business plan. This allows us to assess the underlying performance of our core business under this new strategic business plan.
We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principle of these non-GAAP financial measures is that they exclude significant amounts that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures, which are included in this press release, and not to rely on any single financial measure to evaluate our business.
Safe Harbor Statement under the Private Securities Litigation Reform Act
Statements contained herein or in prior press releases which are not historical fact, such as statements regarding our future operating and financial performance, are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that may cause our actual results to be materially different from the future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include, but are not limited to, our ability to manage wireless network rationalization to lower our costs without causing disruption of service to our customers; our ability to retain key management personnel and to attract and retain talent within the organization; the productivity of our sales organization and our ability to deliver effective customer support; our ability to identify potential acquisitions, finance, consummate and successfully integrate such acquisitions, and achieve the expected benefits of such acquisitions; economic conditions, such as recessionary economic cycles, higher interest rates, inflation and higher levels of unemployment; risks related to our overall business strategy, including maximizing revenue and cash generation from our established businesses and returning capital to stockholders through dividends and repurchases of shares of our common stock; competition for our services and products from new technologies or those offered and/or developed from firms that are substantially larger and have much greater financial and human capital resources; continuing decline in the number of paging units we have in service with customers, commensurate with a continuing decline in our wireless revenue; our ability to address changing market conditions with new or revised software solutions; undetected defects, bugs, or security vulnerabilities in our products; our dependence on
Tables to Follow
SPOK HOLDINGS, INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(Unaudited and in thousands except share, per share amounts and ARPU) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
For the three months ended |
|
For the year ended |
||||||||||||
|
|
12/31/2024 |
|
12/31/2023 |
|
12/31/2024 |
|
12/31/2023 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
||||||||
Wireless |
|
$ |
18,370 |
|
|
$ |
19,091 |
|
|
$ |
73,523 |
|
|
$ |
75,968 |
|
Software |
|
|
15,522 |
|
|
|
14,862 |
|
|
|
64,130 |
|
|
|
63,057 |
|
Total revenue |
|
|
33,892 |
|
|
|
33,953 |
|
|
|
137,653 |
|
|
|
139,025 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Cost of revenue (exclusive of items shown separately below) |
|
|
6,995 |
|
|
|
6,933 |
|
|
|
28,430 |
|
|
|
26,818 |
|
Research and development |
|
|
2,590 |
|
|
|
2,642 |
|
|
|
11,548 |
|
|
|
10,549 |
|
Technology operations |
|
|
5,743 |
|
|
|
6,399 |
|
|
|
24,306 |
|
|
|
25,843 |
|
Selling and marketing |
|
|
4,269 |
|
|
|
4,028 |
|
|
|
15,851 |
|
|
|
16,350 |
|
General and administrative |
|
|
8,716 |
|
|
|
8,763 |
|
|
|
33,301 |
|
|
|
33,168 |
|
Depreciation and accretion |
|
|
938 |
|
|
|
728 |
|
|
|
4,148 |
|
|
|
4,496 |
|
Severance and restructuring |
|
|
3 |
|
|
|
378 |
|
|
|
1,104 |
|
|
|
573 |
|
Total operating expenses |
|
|
29,254 |
|
|
|
29,871 |
|
|
|
118,688 |
|
|
|
117,797 |
|
% of total revenue |
|
|
86.3 |
% |
|
|
88.0 |
% |
|
|
86.2 |
% |
|
|
84.7 |
% |
Operating income |
|
|
4,638 |
|
|
|
4,082 |
|
|
|
18,965 |
|
|
|
21,228 |
|
% of total revenue |
|
|
13.7 |
% |
|
|
12.0 |
% |
|
|
13.8 |
% |
|
|
15.3 |
% |
Interest income |
|
|
245 |
|
|
|
233 |
|
|
|
1,153 |
|
|
|
1,099 |
|
Other income (expense) |
|
|
5 |
|
|
|
43 |
|
|
|
(86 |
) |
|
|
(2 |
) |
Income before income taxes |
|
|
4,888 |
|
|
|
4,358 |
|
|
|
20,032 |
|
|
|
22,325 |
|
Provision for income taxes |
|
|
(1,244 |
) |
|
|
(993 |
) |
|
|
(5,067 |
) |
|
|
(6,659 |
) |
Net income |
|
$ |
3,644 |
|
|
$ |
3,365 |
|
|
$ |
14,965 |
|
|
$ |
15,666 |
|
Basic net income per common share |
|
$ |
0.18 |
|
|
$ |
0.17 |
|
|
$ |
0.74 |
|
|
$ |
0.79 |
|
Diluted net income per common share |
|
$ |
0.18 |
|
|
$ |
0.17 |
|
|
$ |
0.73 |
|
|
$ |
0.77 |
|
Basic weighted average common shares outstanding |
|
|
20,276,596 |
|
|
|
19,987,640 |
|
|
|
20,241,073 |
|
|
|
19,953,747 |
|
Diluted weighted average common shares outstanding |
|
|
20,577,508 |
|
|
|
20,367,248 |
|
|
|
20,565,287 |
|
|
|
20,343,912 |
|
Cash dividends declared per common share |
|
|
0.3125 |
|
|
|
0.3125 |
|
|
|
1.2500 |
|
|
|
1.2500 |
|
SPOK HOLDINGS, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands) |
||||||||
|
|
|
|
|
||||
|
|
12/31/2024 |
|
12/31/2023 |
||||
|
|
|
|
|
||||
ASSETS |
|
(Unaudited) |
|
|
||||
|
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
29,145 |
|
|
$ |
31,989 |
|
Accounts receivable, net |
|
|
21,950 |
|
|
|
23,314 |
|
Prepaid expenses |
|
|
9,362 |
|
|
|
7,885 |
|
Other current assets |
|
|
840 |
|
|
|
704 |
|
Total current assets |
|
|
61,297 |
|
|
|
63,892 |
|
Non-current assets: |
|
|
|
|
||||
Property and equipment, net |
|
|
5,952 |
|
|
|
7,321 |
|
Operating lease right-of-use assets |
|
|
8,249 |
|
|
|
10,526 |
|
Goodwill |
|
|
99,175 |
|
|
|
99,175 |
|
Deferred income tax assets, net |
|
|
41,686 |
|
|
|
46,260 |
|
Other non-current assets |
|
|
744 |
|
|
|
510 |
|
Total non-current assets |
|
|
155,806 |
|
|
|
163,792 |
|
Total assets |
|
$ |
217,103 |
|
|
$ |
227,684 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
|
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
5,630 |
|
|
$ |
5,969 |
|
Accrued compensation and benefits |
|
|
7,363 |
|
|
|
7,284 |
|
Deferred revenue |
|
|
28,366 |
|
|
|
26,298 |
|
Operating lease liabilities |
|
|
2,904 |
|
|
|
4,184 |
|
Other current liabilities |
|
|
4,511 |
|
|
|
4,273 |
|
Total current liabilities |
|
|
48,774 |
|
|
|
48,008 |
|
Non-current liabilities: |
|
|
|
|
||||
Asset retirement obligations |
|
|
5,945 |
|
|
|
7,191 |
|
Operating lease liabilities |
|
|
5,869 |
|
|
|
6,902 |
|
Other non-current liabilities |
|
|
1,769 |
|
|
|
1,812 |
|
Total non-current liabilities |
|
|
13,583 |
|
|
|
15,905 |
|
Total liabilities |
|
|
62,357 |
|
|
|
63,913 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock |
|
$ |
— |
|
|
$ |
— |
|
Common stock |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
105,736 |
|
|
|
102,936 |
|
Accumulated other comprehensive loss |
|
|
(1,784 |
) |
|
|
(1,764 |
) |
Retained earnings |
|
|
50,792 |
|
|
|
62,597 |
|
Total stockholders' equity |
|
|
154,746 |
|
|
|
163,771 |
|
Total liabilities and stockholders' equity |
|
$ |
217,103 |
|
|
$ |
227,684 |
|
SPOK HOLDINGS, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited and in thousands) |
||||||||
|
|
|
|
|||||
|
For the year ended |
|||||||
|
12/31/2024 |
|
12/31/2023 |
|||||
Operating activities: |
|
|
|
|||||
Net income |
$ |
14,965 |
|
|
$ |
15,666 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and accretion |
|
4,148 |
|
|
|
4,496 |
|
|
Deferred income tax expense |
|
4,573 |
|
|
|
6,378 |
|
|
Stock-based compensation |
|
4,956 |
|
|
|
4,063 |
|
|
Provisions for credit losses, service credits and other |
|
846 |
|
|
|
950 |
|
|
Changes in assets and liabilities: |
|
|
|
|||||
Accounts receivable |
|
506 |
|
|
|
2,580 |
|
|
Prepaid expenses and other assets |
|
(1,845 |
) |
|
|
(909 |
) |
|
Net operating lease liabilities |
|
(36 |
) |
|
|
(1,264 |
) |
|
Accounts payable, accrued liabilities and other |
|
(1,184 |
) |
|
|
(5,217 |
) |
|
Deferred revenue |
|
1,993 |
|
|
|
(559 |
) |
|
Net cash provided by operating activities |
|
28,922 |
|
|
|
26,184 |
|
|
Investing activities: |
|
|
|
|||||
Purchases of property and equipment |
|
(3,209 |
) |
|
|
(3,417 |
) |
|
Net cash used in investing activities |
|
(3,209 |
) |
|
|
(3,417 |
) |
|
Financing activities: |
|
|
|
|||||
Cash distributions to stockholders |
|
(26,381 |
) |
|
|
(25,642 |
) |
|
Proceeds from issuance of common stock under the Employee Stock Purchase Plan |
|
272 |
|
|
|
210 |
|
|
Purchase of common stock for tax withholding on vested equity awards |
|
(2,428 |
) |
|
|
(1,245 |
) |
|
Net cash used in financing activities |
|
(28,537 |
) |
|
|
(26,677 |
) |
|
Effect of exchange rate on cash and cash equivalents |
|
(20 |
) |
|
|
145 |
|
|
Net decrease in cash and cash equivalents |
|
(2,844 |
) |
|
|
(3,765 |
) |
|
Cash and cash equivalents, beginning of period |
|
31,989 |
|
|
|
35,754 |
|
|
Cash and cash equivalents, end of period |
$ |
29,145 |
|
|
$ |
31,989 |
|
|
Supplemental disclosure: |
|
|
|
|||||
Income taxes paid |
$ |
571 |
|
|
$ |
179 |
|
|
SPOK HOLDINGS, INC. |
||||||||||||||||||||||||||||||||
UNITS IN SERVICE, MARKET SEGMENTS, |
||||||||||||||||||||||||||||||||
AND AVERAGE REVENUE PER UNIT (ARPU) |
||||||||||||||||||||||||||||||||
(Unaudited and in thousands) |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
For the three months ended |
||||||||||||||||||||||||||||||
|
|
12/31/2024 |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
||||||||||||||||
Account size ending units in service (000's) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
1 to 100 units |
|
|
40 |
|
|
|
41 |
|
|
|
42 |
|
|
|
43 |
|
|
|
44 |
|
|
|
46 |
|
|
|
48 |
|
|
|
48 |
|
101 to 1,000 units |
|
|
120 |
|
|
|
125 |
|
|
|
128 |
|
|
|
135 |
|
|
|
142 |
|
|
|
143 |
|
|
|
144 |
|
|
|
149 |
|
>1,000 units |
|
|
560 |
|
|
|
564 |
|
|
|
577 |
|
|
|
575 |
|
|
|
579 |
|
|
|
596 |
|
|
|
614 |
|
|
|
614 |
|
Total |
|
|
720 |
|
|
|
730 |
|
|
|
747 |
|
|
|
753 |
|
|
|
765 |
|
|
|
785 |
|
|
|
806 |
|
|
|
811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Market segment as a percent of total ending units in service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Healthcare |
|
|
85.6 |
% |
|
|
85.7 |
% |
|
|
85.8 |
% |
|
|
86.1 |
% |
|
|
85.9 |
% |
|
|
86.0 |
% |
|
|
86.1 |
% |
|
|
85.7 |
% |
Government |
|
|
4.0 |
% |
|
|
4.1 |
% |
|
|
4.4 |
% |
|
|
4.1 |
% |
|
|
4.2 |
% |
|
|
4.2 |
% |
|
|
4.2 |
% |
|
|
4.3 |
% |
Large enterprise |
|
|
3.9 |
% |
|
|
4.0 |
% |
|
|
4.0 |
% |
|
|
3.9 |
% |
|
|
4.1 |
% |
|
|
4.1 |
% |
|
|
4.0 |
% |
|
|
4.1 |
% |
Other(1) |
|
|
6.5 |
% |
|
|
6.2 |
% |
|
|
5.8 |
% |
|
|
5.9 |
% |
|
|
5.8 |
% |
|
|
5.7 |
% |
|
|
5.7 |
% |
|
|
5.9 |
% |
Total |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Account size ARPU |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
1 to 100 units |
|
$ |
13.08 |
|
|
$ |
12.70 |
|
|
$ |
12.51 |
|
|
$ |
12.66 |
|
|
$ |
12.57 |
|
|
$ |
12.02 |
|
|
$ |
11.91 |
|
|
$ |
12.03 |
|
101 to 1,000 units |
|
|
9.60 |
|
|
|
9.19 |
|
|
|
9.06 |
|
|
|
9.14 |
|
|
|
9.16 |
|
|
|
8.75 |
|
|
|
8.56 |
|
|
|
8.75 |
|
>1,000 units |
|
|
7.50 |
|
|
|
7.33 |
|
|
|
7.21 |
|
|
|
7.23 |
|
|
|
7.15 |
|
|
|
6.97 |
|
|
|
6.94 |
|
|
|
6.95 |
|
Total |
|
$ |
8.16 |
|
|
$ |
7.95 |
|
|
$ |
7.84 |
|
|
$ |
7.89 |
|
|
$ |
7.84 |
|
|
$ |
7.59 |
|
|
$ |
7.53 |
|
|
$ |
7.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
(1) Other includes hospitality, resort and indirect units |
||||||||||||||||||||||||||||||||
RECONCILIATION OF ADJUSTED OPERATING EXPENSES |
||||||||||||||||
(Unaudited and in thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
For the three months ended |
|
For the year ended |
||||||||||||
|
|
12/31/2024 |
|
12/31/2023 |
|
12/31/2024 |
|
12/31/2023 |
||||||||
Operating expenses |
|
$ |
29,254 |
|
|
$ |
29,871 |
|
|
$ |
118,688 |
|
|
$ |
117,797 |
|
Add back: |
|
|
|
|
|
|
|
|
||||||||
Depreciation and accretion |
|
|
(938 |
) |
|
|
(728 |
) |
|
|
(4,148 |
) |
|
|
(4,496 |
) |
Severance and restructuring |
|
|
(3 |
) |
|
|
(378 |
) |
|
|
(1,104 |
) |
|
|
(573 |
) |
Adjusted operating expenses |
|
$ |
28,313 |
|
|
$ |
28,765 |
|
|
$ |
113,436 |
|
|
$ |
112,728 |
|
RECONCILIATION OF ADJUSTED EBITDA |
||||||||||||||||
(Unaudited and in thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
For the three months ended |
|
For the year ended |
||||||||||||
|
|
12/31/2024 |
|
12/31/2023 |
|
12/31/2024 |
|
12/31/2023 |
||||||||
Net income |
|
$ |
3,644 |
|
|
$ |
3,365 |
|
|
$ |
14,965 |
|
|
$ |
15,666 |
|
Add back: |
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
|
1,244 |
|
|
|
993 |
|
|
|
5,067 |
|
|
|
6,659 |
|
Other income (expense) |
|
|
(5 |
) |
|
|
(43 |
) |
|
|
86 |
|
|
|
2 |
|
Interest income |
|
|
(245 |
) |
|
|
(233 |
) |
|
|
(1,153 |
) |
|
|
(1,099 |
) |
Depreciation and accretion |
|
|
938 |
|
|
|
728 |
|
|
|
4,148 |
|
|
|
4,496 |
|
EBITDA |
|
$ |
5,576 |
|
|
$ |
4,810 |
|
|
$ |
23,113 |
|
|
$ |
25,724 |
|
Adjustments: |
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation |
|
|
1,476 |
|
|
|
1,321 |
|
|
|
4,956 |
|
|
|
4,045 |
|
Severance and restructuring |
|
|
3 |
|
|
|
378 |
|
|
|
1,104 |
|
|
|
573 |
|
Adjusted EBITDA |
|
$ |
7,055 |
|
|
$ |
6,509 |
|
|
$ |
29,173 |
|
|
$ |
30,342 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226387986/en/
Al Galgano
952-224-6096
al.galgano@spok.com
Source: Spok Holdings, Inc.
FAQ
What was Spok's software operations bookings growth in Q4 2024?
How much capital did SPOK return to stockholders in 2024?
What is the amount and payment date of SPOK's latest quarterly dividend?
How much did SPOK's software backlog grow in 2024?
What was SPOK's wireless ARPU in Q4 2024?
