News Release

Spok Reports Third Quarter 2022 Results

Continued improvement in net income and adjusted EBITDA
Care Connect Suite of solutions continues to gain traction
Company improves financial outlook for full year 2022

Alexandria, Va. (October 26, 2022) – Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in healthcare communications, today announced results for the third quarter ended September 30, 2022. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.3125 per share, payable on December 9, 2022, to stockholders of record on November 16, 2022.

Recent Highlights:

  • Strategic business plan continued to progress in the third quarter as the Company generated $2.9 million of net income and $4.7 million of adjusted EBITDA
  • Year-to-date, the Company generated $16.9 million of adjusted EBITDA excluding one-time costs related to the strategic business plan(1)
  • With the renewed focus on Spok’s Care Connect Suite clients, third quarter software operations bookings increased 26% year over year as momentum continued in the quarter
  • Year-to-date software operations bookings increased 18% with 49 deals worth over six figures
  • Third quarter wireless average revenue per unit was $7.40, up 1.5% year over year, with units in service down only 3.4%
  • Year-to-date, capital returned to stockholders totaled $18.8 million in the form of the Company’s regular quarterly dividend
  • Cash, cash equivalents and short-term investments balance of $37.2 million on September 30, 2022, and no debt, with cash flow generation expected to largely cover the dividend in the fourth quarter 2022 and future years
  • Partnered with and provided solutions to 18 of the 20 adults hospitals and all 10 children’s hospitals named to U.S. News & World Report’s 2022-23 Best Hospitals Honor Roll

“I am proud of what the Spok team has been able to accomplish during the third quarter as we continued to execute on our strategic pivot,” said Vincent D. Kelly, chief executive officer of Spok Holdings, Inc. “We are continuing to invest in a targeted and limited manner in our Care Connect Suite of solutions to enhance our long-standing relationships with the nation’s leading healthcare providers. Our sales team has also been producing strong results, booking multiple six-figure deals during the quarter and continuing to grow our pipeline. Going forward, we believe our extensive experience operating our established communication solutions will create significant value for stockholders by maximizing revenue and cash flow generation.”

1) Year-to-date adjusted EBITDA excluding one-time costs related to the strategic business plan of $16.9 million is equal to Adjusted EBITDA excluding $5.7 million of severance and restructuring, $7.5 million of payroll and related, and $2.7 million of non-payroll Spok Go and other outside services costs.

Financial Highlights:

For the three months ended
September 30, 

 

For the nine months ended
September 30,

(Dollars in thousands)

2022

 

2021

 

Change (%)

 

2022

 

2021

 

Change (%)

Revenue

           

Wireless revenue

           

Paging revenue

$          18,419

 

$          18,844

 

(2.3) %

 

$          54,873

 

$          57,332

 

(4.3) %

Product and other revenue

                  635

 

                  800

 

(20.6) %

 

              1,728

 

              2,291

 

(24.6) %

Total wireless revenue

$          19,054

 

$          19,644

 

(3.0) %

 

$          56,601

 

$          59,623

 

(5.1) %

            

Software revenue

           

License

$            2,147

 

$            1,807

 

18.8 %

 

$            5,933

 

$            4,267

 

39.0 %

Professional services

              2,835

 

              4,159

 

(31.8) %

 

              9,502

 

            13,378

 

(29.0) %

Hardware

                  530

 

                  596

 

(11.1) %

 

              1,626

 

              1,694

 

(4.0) %

Maintenance

              9,178

 

              9,645

 

(4.8) %

 

            27,617

 

            28,648

 

(3.6) %

Total software revenue

            14,690

 

            16,207

 

(9.4) %

 

            44,678

 

            47,987

 

(6.9) %

Total revenue

$          33,744

 

$          35,851

 

(5.9) %

 

$       101,279

 

$       107,610

 

(5.9) %

 

For the three months ended
September 30,

 

For the nine months
ended September 30,

(Dollars in thousands)

2022

 

2021

 

Change (%)

 

2022

 

2021

 

Change (%)

GAAP

           

Operating expenses

$          30,205

 

$          39,408

 

(23.4) %

 

$       103,996

 

$       114,516

 

(9.2) %

Net income (loss)

$            2,920

 

$          (2,494)

 

217.1 %

 

$          (2,370)

 

$          (5,510)

 

57.0 %

Cash, cash equivalents, and short-term investments (as of period end)

$          37,165

 

$          67,458

 

(44.9) %

 

$          37,165

 

$          67,458

 

(44.9) %

Capital returned to stockholders

$            6,170

 

$            2,438

 

153.1 %

 

$          18,849

 

$            7,590

 

148.3 %

            

Non-GAAP

           

Adjusted operating expenses

$          27,874

 

$          39,379

 

(29.2) %

 

$          94,915

 

$       114,747

 

(17.3) %

Adjusted EBITDA

$            4,664

 

$          (2,499)

 

286.6 %

 

$            1,058

 

$          (4,470)

 

123.7 %

 

For the three months
ended September 30,

 

For the nine months
ended September 30,

(Dollars in thousands, excluding units and service and ARPU)

2022

 

2021

 

Change (%)

 

2022

 

2021

 

Change (%)

Key Statistics

           

Wireless units in service

                  824

 

                  853

 

(3.4) %

 

                  824

 

                  853

 

(3.4) %

Wireless average revenue per unit (ARPU)

$              7.40

 

$              7.29

 

1.5 %

 

$              7.30

 

$              7.33

 

(0.4) %

Software operations bookings(2)

$            6,243

 

$            4,971

 

25.6 %

 

$          18,829

 

$          15,906

 

18.4 %

Software maintenance bookings(3)

$            6,306

 

$          12,146

 

(48.1) %

 

$          27,768

 

$          28,844

 

(3.7) %

Software backlog (as of period end)

$          44,026

 

$          42,868

 

2.7 %

 

$          44,026

 

$          42,868

 

2.7 %

2) 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.

3) Software maintenance bookings includes the renewal of maintenance and term license contracts.

Financial Outlook:

Regarding financial guidance, the Company expects the following for fiscal year 2022, which is updated from the previously provided 2022 financial guidance:

(Unaudited and in millions)

 

Current Guidance

Full Year 2022

 

Prior Guidance

Full Year 2022

  

From

 

To

 

From

 

To

Revenue

        

Wireless

 

$                           74.5

 

$                           75.5

 

$                           73.5

 

$                           75.5

Software

 

$                           57.0

 

$                           60.5

 

$                           56.5

 

$                           60.5

Total Revenue

 

$                         131.5

 

$                         136.0

 

$                         130.0

 

$                         136.0

         

Adjusted Operating Expenses

 

$                          123.0

 

$                          125.0

 

$                          123.3

 

$                          126.1

         

Capital Expenditures

 

$                             3.2

 

$                             3.9

 

$                             3.2

 

$                             3.9

2022 Third Quarter Call:

Management will host a conference call and webcast to discuss these financial results on Thursday, October 27, 2022, at 8:30 a.m. Eastern Daylight Time. The presentation is open to all interested parties and may include forward-looking information.

Conference Call Details

Date/Time:

Thursday, October 27, 2022, at 8:30 a.m. EDT

Webcast:

https://www.webcast-eqs.com/spok10272022_en/en

U.S. Toll-Free Dial In:

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, Inc., a wholly owned subsidiary of Spok Holdings, Inc. (NASDAQ: SPOK), headquartered in Alexandria, Virginia, is proud to be a global leader in healthcare communications. We deliver clinical information to care teams when and where it matters most to improve patient outcomes. Top hospitals rely on Spok Care Connect® platforms to enhance workflows for clinicians and support administrative compliance. Our customers send over 100 million messages each month through their Spok® solutions. When seconds count and patients’ lives are at stake, Spok enables smarter, faster clinical communication. For more information, visit spok.com or follow @spoktweets on Twitter.

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 and expenses, adjusted EBITDA. Adjusted operating expenses excludes depreciation, amortization and accretion, impairment of intangible assets, severance and restructuring costs, and effects of capitalized software development costs. Adjusted EBITDA represents net income/(loss) before interest income/expense, income tax benefit/expense, depreciation, amortization and accretion expense, stock-based compensation expense, impairment of intangible assets, and effects of capitalized software development costs, and includes capital expenditures. Adjusted EBITDA excluding one-time costs related to the strategic business plan represents adjusted EBITDA before one-time costs related to the strategic business plan.

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. Adjusted EBITDA excluding one-time costs related to the strategic business plan is a temporary Non-GAAP measure used by management to reflect our financial performance excluding material costs that are included within our financials prior to enacting our new strategic business plan in early 2022. We believe it is important to exclude these costs, given that they do not represent future operational costs under this strategic business plan, which 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 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, risks related to Spok’s new strategic business plan, including its ability to maximize revenue and cash generation from its established businesses and return capital to stockholders, risks related to the COVID-19 pandemic and its effect on our business and the economy, other economic conditions such as recessionary economic cycles, higher interest rates, inflation and higher levels of unemployment, declining demand for paging products and services, continued demand for our software products and services, our dependence on the U.S. healthcare industry, our ability to develop additional software solutions for our customers and manage our development as a global organization, the ability to manage operating expenses, particularly third-party consulting services and research and development costs, future capital needs, competitive pricing pressures, competition from traditional paging services, other wireless communications services and other software providers, many of which are substantially larger and have much greater financial and human capital resources, changes in customer purchasing priorities or capital expenditures, government regulation of our products and services and the healthcare and health insurance industries, reliance upon third-party providers for certain equipment and services, unauthorized breaches or failures in cybersecurity measures adopted by us and/or included in our products and services, the effects of changes in accounting policies or practices, our ability to realize the benefits associated with our deferred tax assets and future impairments of our long-lived assets, amortizable intangible assets and goodwill, 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 OPERATIONS

(Unaudited and in thousands except share, per share amounts and ARPU)

         
  

For the three months ended

 

For the nine months ended

  

9/30/2022

 

9/30/2021

 

9/30/2022

 

9/30/2021

Revenue:

        

Wireless

 

$          19,054   

 

$          19,644   

 

$          56,601   

 

$          59,623   

Software

 

            14,690   

 

            16,207   

 

            44,678   

 

            47,987   

Total revenue

 

            33,744   

 

            35,851   

 

          101,279   

 

          107,610   

Operating expenses:

        

Cost of revenue (exclusive of items shown separately below)

 

              6,624   

 

              8,340   

 

            21,408   

 

            24,180   

Research and development

 

              2,223   

 

              4,063   

 

            11,344   

 

            12,663   

Technology operations

 

              6,719   

 

              7,287   

 

            20,612   

 

            21,513   

Selling and marketing

 

              3,440   

 

              5,404   

 

            12,629   

 

            15,727   

General and administrative

 

              8,868   

 

            11,664   

 

            28,922   

 

            32,425   

Depreciation, amortization and accretion

 

                 828   

 

              2,568   

 

              2,633   

 

              7,752   

Severance and restructuring

 

              1,503   

 

                   82   

 

              6,448   

 

                 256   

Total operating expenses

 

            30,205   

 

            39,408   

 

          103,996   

 

          114,516   

% of total revenue

 

89.5 %

 

109.9 %

 

102.7 %

 

106.4 %

Operating income (loss)

 

              3,539   

 

            (3,557)  

 

            (2,717)  

 

            (6,906)  

% of total revenue

 

10.5 %

 

(9.9)        %

 

(2.7)        %

 

(6.4)        %

Interest income

 

                 129   

 

                 141   

 

                 366   

 

                 263   

Other income

 

                   98   

 

                   10   

 

                 110   

 

                   13   

Income (loss) before income taxes

 

              3,766   

 

            (3,406)  

 

            (2,241)  

 

            (6,630)  

(Provision for) benefit from income taxes

 

               (846)  

 

                912   

 

               (129)  

 

             1,120   

Net income (loss)

 

$           2,920   

 

$          (2,494)  

 

$          (2,370)  

 

$          (5,510)  

Basic and diluted net income (loss) per common share

 

$              0.15   

 

$            (0.13)  

 

$            (0.12)  

 

$            (0.28)  

Basic weighted average common shares outstanding

 

     19,693,659   

 

    19,464,893   

 

    19,661,849   

 

    19,378,543   

Diluted weighted average common shares outstanding

 

     19,901,267   

 

    19,464,893   

 

    19,661,849   

 

    19,378,543   

Cash dividends declared per common share

 

            0.3125   

 

            0.1250   

 

            0.9375   

 

            0.3750   

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

     
  

9/30/2022

 

12/31/2021

     

ASSETS

 

(Unaudited)

 

     

Current assets:

    

Cash and cash equivalents

 

$                            37,165

 

$                            44,583

Short-term investments

 

                                     —

 

                              14,999

Accounts receivable, net

 

                              26,920

 

                              26,908

Prepaid expenses

 

                                7,322

 

                                6,641

Other current assets

 

                                   785

 

                                   922

Total current assets

 

                              72,192

 

                              94,053

Non-current assets:

    

Property and equipment, net

 

                                6,379

 

                                6,746

Operating lease right-of-use assets

 

                              16,148

 

                              15,821

Goodwill

 

                              99,175

 

                              99,175

Deferred income tax assets, net

 

                              31,494

 

                              31,653

Other non-current assets

 

                                1,153

 

                                   706

Total non-current assets

 

                            154,349

 

                            154,101

Total assets

 

$                          226,541

 

$                          248,154

     

LIABILITIES AND STOCKHOLDERS’ EQUITY

    
     

Current liabilities:

    

Accounts payable

 

$                              5,792

 

$                              5,292

Accrued compensation and benefits

 

                              10,560

 

                              13,948

Deferred revenue

 

                              26,203

 

                              25,608

Operating lease liabilities

 

                                5,139

 

                                5,405

Other current liabilities

 

                                5,013

 

                                4,745

Total current liabilities

 

                              52,707

 

                              54,998

Non-current liabilities:

    

Asset retirement obligations

 

                                6,634

 

                                6,355

Operating lease liabilities

 

                              12,976

 

                              11,883

Other non-current liabilities

 

                                   962

 

                                1,227

Total non-current liabilities

 

                              20,572

 

                              19,465

Total liabilities

 

                              73,279

 

                              74,463

Commitments and contingencies

    

Stockholders’ equity:

    

Common stock

 

                                       2

 

                                       2

Additional paid-in capital

 

                              99,035

 

                              97,291

Accumulated other comprehensive loss

 

                               (2,060)

 

                               (1,588)

Retained earnings

 

                              56,285

 

                              77,986

Total stockholders’ equity

 

                            153,262

 

                            173,691

Total liabilities and stockholders’ equity

 

$                          226,541

 

$                          248,154

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in thousands)

    
 

For the nine months ended

 

9/30/2022

 

9/30/2021

Operating activities:

   

Net loss

$                             (2,370)

 

$                             (5,510)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

   

Depreciation, amortization and accretion

                                2,633

 

                                7,752

Deferred income tax expense (benefit)

                                   157

 

                                  (907)

Stock-based compensation

                                2,953

 

                                6,036

Provisions for credit losses, service credits and other

                                1,244

 

                                   765

Changes in assets and liabilities:

   

Accounts receivable

                               (1,276)

 

                                2,165

Prepaid expenses and other assets

                                  (984)

 

                                   202

Net operating lease liabilities

                                   500

 

                                   778

Accounts payable, accrued liabilities and other

                               (3,068)

 

                                   300

Deferred revenue

                                     63

 

                               (2,053)

Net cash (used in) provided by operating activities

                                 (148)

 

                                9,528

Investing activities:

   

Purchases of property and equipment

                               (1,773)

 

                               (3,103)

Capitalized software development

                                     —

 

                               (8,239)

Purchase of short-term investments

                             (14,967)

 

                             (44,990)

Maturity of short-term investments

                              30,000

 

                              45,000

Net cash provided by (used in) investing activities

                              13,260

 

                             (11,332)

Financing activities:

   

Cash distributions to stockholders

                             (18,849)

 

                               (7,590)

Proceeds from issuance of common stock under the Employee Stock Purchase Plan

                                     —

 

                                   132

Purchase of common stock for tax withholding on vested equity awards

                               (1,209)

 

                               (1,860)

Net cash used in financing activities

                             (20,058)

 

                               (9,318)

Effect of exchange rate on cash and cash equivalents

                                  (472)

 

                                  (146)

Net decrease in cash and cash equivalents

                               (7,418)

 

                             (11,268)

Cash and cash equivalents, beginning of period

                              44,583

 

                              48,729

Cash and cash equivalents, end of period

$                            37,165

 

$                            37,461

Supplemental disclosure:

   

Income taxes paid/(refunded)

$                                 212

 

$                                (165)

SPOK HOLDINGS, INC.

UNITS IN SERVICE, MARKET SEGMENTS,

AND AVERAGE REVENUE PER UNIT (ARPU) (a)

(Unaudited and in thousands)

                 
  

For the three months ended

  

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020

Account size ending units in service (000’s)

                

1 to 100 units

 

           51   

 

           53   

 

           54   

 

           55   

 

           57   

 

           58   

 

           59   

 

           61   

101 to 1,000 units

 

         147   

 

         149   

 

         150   

 

         154   

 

         154   

 

         155   

 

         163   

 

         167   

>1,000 units

 

         626   

 

         633   

 

         634   

 

         638   

 

         642   

 

         656   

 

         652   

 

         657   

Total

 

         824   

 

         835   

 

         838   

 

         847   

 

         853   

 

         869   

 

         874   

 

         885   

                 

Market segment as a percent of total ending units in service

                

Healthcare

 

85.0 %

 

85.0 %

 

84.7 %

 

84.7 %

 

84.6 %

 

84.5 %

 

84.1 %

 

83.6 %

Government

 

4.1 %

 

4.2 %

 

4.7 %

 

4.8 %

 

4.8 %

 

4.9 %

 

4.8 %

 

5.3 %

Large enterprise

 

3.9 %

 

4.0 %

 

3.9 %

 

3.9 %

 

4.1 %

 

4.1 %

 

4.3 %

 

4.3 %

Other(b)

 

7.0 %

 

6.8 %

 

6.7 %

 

6.6 %

 

6.4 %

 

6.4 %

 

6.8 %

 

6.8 %

Total

 

100.0 %

 

100.0 %

 

100.0 %

 

100.0 %

 

100.0 %

 

100.0 %

 

100.0 %

 

100.0 %

                 

Account size ARPU

                

1 to 100 units

 

$    11.80   

 

$    11.41   

 

$    11.52   

 

$    11.58   

 

$    11.67   

 

$    11.69   

 

$    11.72   

 

$    11.62   

101 to 1,000 units

 

        8.44   

 

        8.27   

 

        8.24   

 

        8.30   

 

        8.38   

 

        8.35   

 

        8.33   

 

        8.35   

>1,000 units

 

        6.69   

 

        6.63   

 

        6.64   

 

        6.63   

 

        6.65   

 

        6.68   

 

        6.68   

 

        6.62   

Total

 

$      7.40   

 

$      7.23   

 

$      7.24   

 

$      7.26   

 

$      7.29   

 

$      7.32   

 

$      7.34   

 

$      7.30   

                 

(a) Slight variations in totals are due to rounding.

(b) Other includes hospitality, resort and indirect units

RECONCILIATION OF ADJUSTED OPERATING EXPENSES

(Unaudited and in thousands)

         
  

For the three months ended

 

For the nine months ended

 

9/30/2022

 

9/30/2021

 

9/30/2022

 

9/30/2021

Operating expenses

 

$           30,205

 

$           39,408

 

$         103,996

 

$         114,516

Add back:

        

Depreciation, amortization and accretion

 

                (828)

 

              (2,568)

 

              (2,633)

 

              (7,752)

Capitalized software development costs

 

                    —

 

               2,621

 

                    —

 

               8,239

Severance and restructuring

 

              (1,503)

 

                   (82)

 

              (6,448)

 

                 (256)

Adjusted operating expenses

 

$           27,874

 

$           39,379

 

$           94,915

 

$         114,747

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited and in thousands)

         
  

For the three months ended

 

For the nine months ended

  

9/30/2022

 

9/30/2021

 

9/30/2022

 

9/30/2021

Net income (loss)

 

$             2,920

 

$            (2,494)

 

$            (2,370)

 

$            (5,510)

Add back:

        

(Provision for) benefit from income taxes

 

                  846

 

                (912)

 

                  129

 

              (1,120)

Other income

 

                  (98)

 

                  (10)

 

                (110)

 

                  (13)

Interest income

 

                (129)

 

                (141)

 

                (366)

 

                (263)

Depreciation, amortization and accretion

 

                  828

 

               2,568

 

               2,633

 

               7,752

EBITDA

 

$             4,367

 

$              (989)

 

$                (84)

 

$                846

Adjustments:

        

Capitalized software development costs

 

                    —

 

              (2,621)

 

                    —

 

              (8,239)

Stock-based compensation

 

                  878

 

               2,016

 

               2,954

 

               6,035

Capital expenditures

 

                 (581)

 

                 (905)

 

              (1,812)

 

              (3,112)

Adjusted EBITDA

 

$             4,664

 

$            (2,499)

 

$             1,058

 

$            (4,470)

RECONCILIATION OF ADJUSTED OPERATING EXPENSE FROM GUIDANCE

(Unaudited and in millions)

         
  

Current Guidance Range

 

Prior Guidance Range

  

From

 

To

 

From

 

To

Operating expenses

 

$                          133.5

 

$                          136.5

 

$                          132.8

 

$                          136.1

Add back:

        

Depreciation, amortization and accretion

 

                               (3.5)

 

                               (3.5)

 

                               (3.5)

 

                               (3.5)

Severance and restructuring

 

$                             (7.0)

 

$                             (8.0)

 

$                             (6.0)

 

$                             (6.5)

Adjusted operating expenses

 

$                          123.0

 

$                          125.0

 

$                          123.3

 

$                          126.1

Media Inquiries

Al Galgano
+1 (952) 224-6096
al.galgano@spok.com