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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

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 health care 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

 

 

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