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Spok Reports Third Quarter 2023 Results

Strong improvement in net income and adjusted EBITDA

Company again increases full year 2023 financial guidance

Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in healthcare communications, today announced results for the third quarter ended September 30, 2023. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.3125 per share, payable on December 8, 2023, to stockholders of record on November 16, 2023.

Recent Highlights:

  • Generated net income of $4.5 million, or $0.22 per diluted share, in the third quarter, compared to net income of $2.9 million, or $0.15 per diluted share, in the prior year period
  • Generated $8.4 million of adjusted EBITDA in the third quarter, compared to $6.7 million in the third quarter of 2022
  • Software operations bookings totaled $6.3 million for the third quarter, compared to $6.2 million in the third quarter of 2022
  • Through the first nine months of 2023, software operations bookings are up more than 38% from the same period in 2022
  • Third quarter 2023 software operations bookings included 11 six-figure and one seven-figure new customer contracts
  • Third quarter 2023 software revenue totaled $16.5 million, up 12% from the prior year period
  • Third quarter 2023 wireless average revenue per unit (ARPU) was $7.59, up on a year-over-year basis, with units in service down less than 3% from the prior quarter and 4.7% on a trailing-twelve-month basis
  • Third quarter 2023 wireless revenue of $19.0 million, compared to revenue of $19.1 million in the same period in 2022
  • Capital returned to stockholders in the third quarter of 2023 totaled $6.2 million in the form of the Company’s regular quarterly dividend
  • Cash and equivalents balance of $27.3 million on September 30, 2023, and no debt

"I am very proud of the strong performance our team was able to deliver in the third quarter, as we continue to execute ahead of plan in growing revenue and generating cash flow, while returning capital to stockholders,” said Vincent D. Kelly, chief executive officer of Spok Holdings, Inc. “Last quarter, our team was again able to grow total revenue on a year-over-year basis, as we maintained wireless revenue levels while increasing year-over-year software revenue by 12%. We made tremendous progress in several key performance areas, including net income and adjusted EBITDA growth and we exited the quarter with record software backlog levels. Despite record software operations bookings in the second quarter, which included some new customer contracts we had anticipated to close in the third quarter, the team was still able to generate software operations bookings of $6.3 million in the third quarter, which contributed to 38% year-over-year growth through the first nine months of the year.

"In short, I believe Spok has struck an excellent balance between making the necessary investments to fuel future growth, while continuing to demonstrate our prowess in generating cash and returning capital to our stockholders," continued Kelly. " We look forward to a successful conclusion to the year and believe our extensive experience operating our established communication solutions will create significant value for stockholders.

"Based on our performance in the third quarter we are, once again, increasing our full year 2023 guidance estimates for revenue and adjusted EBITDA generation. We believe we are on track to grow consolidated revenue for 2023, on a year-over-year basis, for the first time in the Company's history and even the low point of our revenue guidance reflects that. We are also increasing the midpoint of our adjusted EBITDA guidance by $1.75 million, demonstrating our ability to generate cash flow."

Financial Highlights:

 

For the three months ended September 30,

 

For the nine months ended September 30,

(Dollars in thousands)

2023

 

2022

 

Change (%)

 

2023

 

2022

 

Change (%)

Revenue

 

 

 

 

 

 

 

 

 

 

 

Wireless revenue

 

 

 

 

 

 

 

 

 

 

 

Paging revenue

$

18,119

 

$

18,419

 

(1.6

)%

 

$

54,915

 

$

54,873

 

0.1

%

Product and other revenue

 

853

 

 

635

 

34.3

%

 

 

1,962

 

 

1,728

 

13.5

%

Total wireless revenue

$

18,972

 

$

19,054

 

(0.4

)%

 

$

56,877

 

$

56,601

 

0.5

%

 

 

 

 

 

 

 

 

 

 

 

 

Software revenue

 

 

 

 

 

 

 

 

 

 

 

License

$

2,413

 

$

2,147

 

12.4

%

 

$

7,723

 

$

5,933

 

30.2

%

Professional services

 

3,833

 

 

2,835

 

35.2

%

 

 

10,909

 

 

9,502

 

14.8

%

Hardware

 

798

 

 

530

 

50.6

%

 

 

2,088

 

 

1,626

 

28.4

%

Maintenance

 

9,412

 

 

9,178

 

2.5

%

 

 

27,475

 

 

27,617

 

(0.5

)%

Total software revenue

 

16,456

 

 

14,690

 

12.0

%

 

 

48,195

 

 

44,678

 

7.9

%

Total revenue

$

35,428

 

$

33,744

 

5.0

%

 

$

105,072

 

$

101,279

 

3.7

%

 

For the three months ended September 30,

 

For the nine months ended September 30,

(Dollars in thousands)

2023

 

2022

 

Change (%)

 

2023

 

2022

 

Change (%)

GAAP

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

$

29,215

 

$

30,205

 

(3.3

)%

 

$

87,926

 

$

103,996

 

 

(15.5

)%

Net income (loss)

$

4,451

 

$

2,920

 

52.4

%

 

$

12,301

 

$

(2,370

)

 

619.0

%

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

$

27,301

 

$

37,165

 

(26.5

)%

 

$

27,301

 

$

37,165

 

 

(26.5

)%

Capital returned to stockholders

$

6,241

 

$

6,170

 

1.2

%

 

$

19,404

 

$

18,849

 

 

2.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating expenses

$

27,871

 

$

27,874

 

%

 

$

83,963

 

$

94,915

 

 

(11.5

)%

Adjusted EBITDA

$

8,422

 

$

6,748

 

24.8

%

 

$

23,833

 

$

9,318

 

 

155.8

%

 

For the three months ended September 30,

 

For the nine months ended September 30,

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

2023

 

2022

 

Change (%)

 

2023

 

2022

 

Change (%)

Key Statistics

 

 

 

 

 

 

 

 

 

 

 

Wireless units in service

 

785

 

 

824

 

(4.7

)%

 

 

785

 

 

824

 

(4.7

)%

Wireless average revenue per unit (ARPU)

$

7.59

 

$

7.40

 

2.6

%

 

$

7.62

 

$

7.30

 

4.4

%

Software operations bookings(1)

$

6,312

 

$

6,243

 

1.1

%

 

$

26,000

 

$

18,829

 

38.1

%

Software backlog (as of period end)

$

58,707

 

$

42,868

 

36.9

%

 

$

58,707

 

$

42,868

 

36.9

%

 

(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.

Financial Outlook:

The Company also increased its financial guidance and now expects the following for the full year 2023:

(Unaudited and in millions)

 

Current Guidance

Full Year 2023

 

Prior Guidance

Full Year 2023

 

 

From

 

To

 

From

 

To

Revenue

 

 

 

 

 

 

 

 

Wireless

 

$

75.25

 

$

76.25

 

$

74.50

 

$

75.50

Software

 

$

61.00

 

$

63.00

 

$

60.00

 

$

62.00

Total Revenue

 

$

136.25

 

$

139.25

 

$

134.50

 

$

137.50

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

27.50

 

$

29.00

 

$

25.00

 

$

28.00

2023 Third Quarter Call:

Management will host a conference call and webcast to discuss these financial results on Thursday, October 26, 2023, at 9:00 a.m. Eastern Time. The presentation is open to all interested parties and may include forward-looking information.

Conference Call Details

Date/Time:

Thursday, October 26, 2023, at 9:00 a.m. ET

Webcast:

https://www.webcast-eqs.com/register/spok_q32023_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 the Spok Care Connect® platform to enhance workflows for clinicians and support administrative compliance. Our customers send over 100 million messages each month through their Spok® solutions. 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 expenses and adjusted EBITDA. Adjusted operating expenses excludes depreciation, amortization 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, amortization 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 (loss) 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 (loss) 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, consummate and successfully integrate such acquisitions, and achieve the expected benefits of such acquisitions; risks related to global health epidemics; economic conditions such as recessionary economic cycles, higher interest rates, inflation and higher levels of unemployment; 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 the U.S. healthcare industry; the sales cycle of our software solutions and services can run from six to eighteen months, making it difficult to plan for and meet our sales objectives and bookings on a steady basis quarter-to-quarter and year-to-year; our reliance on third-party vendors to supply us with wireless paging equipment; our ability to maintain successful relationships with our channel partners; our ability to protect our rights in intellectual property that we own and develop and the potential for litigation claiming intellectual property infringement by us; our use of open source software, third-party software and other intellectual property; the reliability of our networks and servers and our ability to prevent cyber-attacks and other security issues and disruptions; unauthorized breaches or failures in cybersecurity measures adopted by us and/or included in our products and services; our ability to realize the benefits associated with our deferred income tax assets; future impairments of our long-lived assets, amortizable intangible assets or goodwill; risks related to data privacy and protection-related laws and regulation; and our ability to manage changes related to regulation, including laws and regulations affecting hospitals and the healthcare industry generally, 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

 

 

9/30/2023

 

9/30/2022

 

9/30/2023

 

9/30/2022

Revenue:

 

 

 

 

 

 

 

 

Wireless

 

$

18,972

 

 

$

19,054

 

 

$

56,877

 

 

$

56,601

 

Software

 

 

16,456

 

 

 

14,690

 

 

 

48,195

 

 

 

44,678

 

Total revenue

 

 

35,428

 

 

 

33,744

 

 

 

105,072

 

 

 

101,279

 

Operating expenses:

 

 

 

 

 

 

 

 

Cost of revenue (exclusive of items shown separately below)

 

 

6,622

 

 

 

6,624

 

 

 

19,885

 

 

 

21,408

 

Research and development

 

 

2,561

 

 

 

2,223

 

 

 

7,907

 

 

 

11,344

 

Technology operations

 

 

6,405

 

 

 

6,719

 

 

 

19,444

 

 

 

20,612

 

Selling and marketing

 

 

4,067

 

 

 

3,440

 

 

 

12,322

 

 

 

12,629

 

General and administrative

 

 

8,216

 

 

 

8,868

 

 

 

24,405

 

 

 

28,922

 

Depreciation, amortization and accretion

 

 

1,267

 

 

 

828

 

 

 

3,768

 

 

 

2,633

 

Severance and restructuring

 

 

77

 

 

 

1,503

 

 

 

195

 

 

 

6,448

 

Total operating expenses

 

 

29,215

 

 

 

30,205

 

 

 

87,926

 

 

 

103,996

 

% of total revenue

 

 

82.5

%

 

 

89.5

%

 

 

83.7

%

 

 

102.7

%

Operating income (loss)

 

 

6,213

 

 

 

3,539

 

 

 

17,146

 

 

 

(2,717

)

% of total revenue

 

 

17.5

%

 

 

10.5

%

 

 

16.3

%

 

 

(2.7

)%

Interest income

 

 

240

 

 

 

129

 

 

 

866

 

 

 

366

 

Other income (expense)

 

 

41

 

 

 

98

 

 

 

(45

)

 

 

110

 

Income (loss) before income taxes

 

 

6,494

 

 

 

3,766

 

 

 

17,967

 

 

 

(2,241

)

Provision for income taxes

 

 

(2,043

)

 

 

(846

)

 

 

(5,666

)

 

 

(129

)

Net income (loss)

 

$

4,451

 

 

$

2,920

 

 

$

12,301

 

 

$

(2,370

)

Basic net income (loss) per common share

 

$

0.22

 

 

$

0.15

 

 

$

0.62

 

 

$

(0.12

)

Diluted net income (loss) per common share

 

$

0.22

 

 

$

0.15

 

 

$

0.61

 

 

$

(0.12

)

Basic weighted average common shares outstanding

 

 

19,970,936

 

 

 

19,693,659

 

 

 

19,942,325

 

 

 

19,661,849

 

Diluted weighted average common shares outstanding

 

 

20,304,092

 

 

 

19,901,267

 

 

 

20,308,973

 

 

 

19,661,849

 

Cash dividends declared per common share

 

 

0.3125

 

 

 

0.3125

 

 

 

0.9375

 

 

 

0.9375

 

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 

 

 

9/30/2023

 

12/31/2022

 

 

 

 

 

ASSETS

 

(Unaudited)

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

27,301

 

 

$

35,754

 

Accounts receivable, net

 

 

25,141

 

 

 

26,861

 

Prepaid expenses

 

 

7,428

 

 

 

6,849

 

Other current assets

 

 

1,293

 

 

 

587

 

Total current assets

 

 

61,163

 

 

 

70,051

 

Non-current assets:

 

 

 

 

Property and equipment, net

 

 

7,376

 

 

 

8,223

 

Operating lease right-of-use assets

 

 

11,661

 

 

 

13,876

 

Goodwill

 

 

99,175

 

 

 

99,175

 

Deferred income tax assets, net

 

 

46,982

 

 

 

52,398

 

Other non-current assets

 

 

570

 

 

 

754

 

Total non-current assets

 

 

165,764

 

 

 

174,426

 

Total assets

 

$

226,927

 

 

$

244,477

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

4,445

 

 

$

5,880

 

Accrued compensation and benefits

 

 

5,367

 

 

 

11,628

 

Deferred revenue

 

 

25,238

 

 

 

27,255

 

Operating lease liabilities

 

 

4,774

 

 

 

5,096

 

Other current liabilities

 

 

5,359

 

 

 

4,573

 

Total current liabilities

 

 

45,183

 

 

 

54,432

 

Non-current liabilities:

 

 

 

 

Asset retirement obligations

 

 

7,543

 

 

 

7,237

 

Operating lease liabilities

 

 

7,468

 

 

 

10,604

 

Other non-current liabilities

 

 

1,228

 

 

 

1,107

 

Total non-current liabilities

 

 

16,239

 

 

 

18,948

 

Total liabilities

 

 

61,422

 

 

 

73,380

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Preferred stock

 

$

 

 

$

 

Common stock

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

101,496

 

 

 

99,908

 

Accumulated other comprehensive loss

 

 

(1,780

)

 

 

(1,909

)

Retained earnings

 

 

65,787

 

 

 

73,096

 

Total stockholders' equity

 

 

165,505

 

 

 

171,097

 

Total liabilities and stockholders' equity

 

$

226,927

 

 

$

244,477

 

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in thousands)

 

 

 

 

 

For the nine months ended

 

9/30/2023

 

9/30/2022

Operating activities:

 

 

 

Net income (loss)

$

12,301

 

 

$

(2,370

)

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

 

 

 

Depreciation and accretion

 

3,768

 

 

 

2,633

 

Deferred income tax expense

 

5,605

 

 

 

157

 

Stock-based compensation

 

2,743

 

 

 

2,953

 

Provisions for credit losses, service credits and other

 

415

 

 

 

1,244

 

Changes in assets and liabilities:

 

 

 

Accounts receivable

 

1,305

 

 

 

(1,276

)

Prepaid expenses and other assets

 

(1,102

)

 

 

(984

)

Net operating lease liabilities

 

(1,243

)

 

 

500

 

Accounts payable, accrued liabilities and other

 

(7,396

)

 

 

(3,068

)

Deferred revenue

 

(2,000

)

 

 

63

 

Net cash provided by (used in) operating activities

 

14,396

 

 

 

(148

)

Investing activities:

 

 

 

Purchases of property and equipment

 

(2,419

)

 

 

(1,773

)

Purchase of short-term investments

 

 

 

 

(14,967

)

Maturity of short-term investments

 

 

 

 

30,000

 

Net cash (used in) provided by investing activities

 

(2,419

)

 

 

13,260

 

Financing activities:

 

 

 

Cash distributions to stockholders

 

(19,404

)

 

 

(18,849

)

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

 

90

 

 

 

 

Purchase of common stock for tax withholding on vested equity awards

 

(1,245

)

 

 

(1,209

)

Net cash used in financing activities

 

(20,559

)

 

 

(20,058

)

Effect of exchange rate on cash and cash equivalents

 

129

 

 

 

(472

)

Net decrease in cash and cash equivalents

 

(8,453

)

 

 

(7,418

)

Cash and cash equivalents, beginning of period

 

35,754

 

 

 

44,583

 

Cash and cash equivalents, end of period

$

27,301

 

 

$

37,165

 

Supplemental disclosure:

 

 

 

Income taxes paid

$

236

 

 

$

212

 

SPOK HOLDINGS, INC.

UNITS IN SERVICE, MARKET SEGMENTS,

AND AVERAGE REVENUE PER UNIT (ARPU) (a)

(Unaudited and in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

9/30/2023

 

6/30/2023

 

3/31/2023

 

12/31/2022

 

9/30/2022

 

6/30/2022

 

3/31/2022

 

12/31/2021

Account size ending units in service (000's)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 to 100 units

 

 

46

 

 

 

48

 

 

 

48

 

 

 

50

 

 

 

51

 

 

 

53

 

 

 

54

 

 

 

55

 

101 to 1,000 units

 

 

143

 

 

 

144

 

 

 

149

 

 

 

147

 

 

 

147

 

 

 

149

 

 

 

150

 

 

 

154

 

>1,000 units

 

 

596

 

 

 

614

 

 

 

614

 

 

 

620

 

 

 

626

 

 

 

633

 

 

 

634

 

 

 

638

 

Total

 

 

785

 

 

 

806

 

 

 

811

 

 

 

817

 

 

 

824

 

 

 

835

 

 

 

838

 

 

 

847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market segment as a percent of total ending units in service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

86.0

%

 

 

86.1

%

 

 

85.7

%

 

 

85.4

%

 

 

85.0

%

 

 

85.0

%

 

 

84.7

%

 

 

84.7

%

Government

 

 

4.2

%

 

 

4.2

%

 

 

4.3

%

 

 

4.4

%

 

 

4.1

%

 

 

4.2

%

 

 

4.7

%

 

 

4.8

%

Large enterprise

 

 

4.1

%

 

 

4.0

%

 

 

4.1

%

 

 

4.0

%

 

 

3.9

%

 

 

4.0

%

 

 

3.9

%

 

 

3.9

%

Other(b)

 

 

5.7

%

 

 

5.7

%

 

 

5.9

%

 

 

6.1

%

 

 

7.0

%

 

 

6.8

%

 

 

6.7

%

 

 

6.6

%

Total

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account size ARPU

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 to 100 units

 

$

12.02

 

 

$

11.91

 

 

$

12.03

 

 

$

11.95

 

 

$

11.80

 

 

$

11.41

 

 

$

11.52

 

 

$

11.58

 

101 to 1,000 units

 

 

8.75

 

 

 

8.56

 

 

 

8.75

 

 

 

8.66

 

 

 

8.44

 

 

 

8.27

 

 

 

8.24

 

 

 

8.30

 

>1,000 units

 

 

6.97

 

 

 

6.94

 

 

 

6.95

 

 

 

6.86

 

 

 

6.69

 

 

 

6.63

 

 

 

6.64

 

 

 

6.63

 

Total

 

$

7.59

 

 

$

7.53

 

 

$

7.59

 

 

$

7.50

 

 

$

7.40

 

 

$

7.23

 

 

$

7.24

 

 

$

7.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

9/30/2023

 

9/30/2022

 

9/30/2023

 

9/30/2022

Operating expenses

 

$

29,215

 

 

$

30,205

 

 

$

87,926

 

 

$

103,996

 

Add back:

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion

 

 

(1,267

)

 

 

(828

)

 

 

(3,768

)

 

 

(2,633

)

Severance and restructuring

 

 

(77

)

 

 

(1,503

)

 

 

(195

)

 

 

(6,448

)

Adjusted operating expenses

 

$

27,871

 

 

$

27,874

 

 

$

83,963

 

 

$

94,915

 

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited and in thousands)

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the nine months ended

 

 

9/30/2023

 

9/30/2022

 

9/30/2023

 

9/30/2022

Net income (loss)

 

$

4,451

 

 

$

2,920

 

 

$

12,301

 

 

$

(2,370

)

Add back:

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

2,043

 

 

 

846

 

 

 

5,666

 

 

 

129

 

(Other income) expense

 

 

(41

)

 

 

(98

)

 

 

45

 

 

 

(110

)

Interest income

 

 

(240

)

 

 

(129

)

 

 

(866

)

 

 

(366

)

Depreciation, amortization and accretion

 

 

1,267

 

 

 

828

 

 

 

3,768

 

 

 

2,633

 

EBITDA

 

$

7,480

 

 

$

4,367

 

 

$

20,914

 

 

$

(84

)

Adjustments:

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

865

 

 

 

878

 

 

 

2,724

 

 

 

2,954

 

Severance and restructuring

 

 

77

 

 

 

1,503

 

 

 

195

 

 

 

6,448

 

Adjusted EBITDA

 

$

8,422

 

 

$

6,748

 

 

$

23,833

 

 

$

9,318

 

 

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