Spok Reports Second Quarter 2022 Results

Significant improvement in net income and adjusted EBITDA

Company progressing ahead of schedule on strategic business plan

Second quarter software bookings up 51%, year-to-date software bookings up 23%

Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in healthcare communications, today announced results for the second quarter ended June 30, 2022. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.3125 per share, payable on September 9, 2022, to stockholders of record on August 17, 2022.

Recent Highlights:

  • The tangible benefits of Spok's strategic business plan continued to become evident in the second quarter as the Company generated $1.9 million of net income and $3.7 million of adjusted EBITDA
  • Second quarter software bookings increased 51% as momentum increased in the second quarter post the strategic pivot announcement
  • Year-to-date software bookings increased 23% with thirty-two deals worth over six figures each
  • Year-to-date capital returned to stockholders totaled $12.7 million in the form of the Company’s regular quarterly dividend
  • Wireless units in service of 835,000 at June 30, 2022 down only 3,000 units from March 31, 2022 as net paging churn mitigates
  • Cash, cash equivalents and short-term investments balance of $38.4 million at June 30, 2022, and no debt, with cash flow generation expected to largely cover the dividend in the second half of 2022
  • Signed a distribution agreement with inTechnology to enhance Spok’s ability to provide meaningful outcomes to its clients in the Asia Pacific region

"We are excited about the progress we have made during the second quarter on our strategic business plan, which is tracking well ahead of schedule," said Vincent D. Kelly, president and chief executive officer of Spok Holdings, Inc. "With our renewed focus on the Care Connect Suite of solutions, we have been able to significantly increase bookings as we continue to work towards creating a more consistent revenue base. Our sales team has been extremely successful on selling our Care Connect Suite of solutions. Our customers have been delighted with our new plans to invest into the platforms they know and love. The pressures from the pandemic have somewhat subsided allowing for more face-to-face meetings. Our pipeline is strong and continues to grow. Our wireless service line is performing on plan. We have right sized our operating expenses consistent with our focus and guidance. We are very encouraged about our prospects for the second half of 2022 and beyond, and our focus remains on creating value for our stockholders by maximizing revenue and cash flow generation.”

Financial Highlights:

 

For the Three Months Ended June 30,

 

For the six months ended June 30,

(Dollars in thousands)

2022

 

2021

 

Change (%)

 

2022

 

2021

 

Change (%)

Revenue

 

 

 

 

 

 

 

 

 

 

 

Wireless revenue

 

 

 

 

 

 

 

 

 

 

 

Paging revenue

$

18,141

 

$

19,135

 

(5.2

)%

 

$

36,454

 

$

38,488

 

(5.3

)%

Product and other revenue

 

559

 

 

724

 

(22.8

)%

 

 

1,093

 

 

1,491

 

(26.7

)%

Total wireless revenue

$

18,700

 

$

19,859

 

(5.8

)%

 

$

37,547

 

$

39,979

 

(6.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

Software revenue

 

 

 

 

 

 

 

 

 

 

 

License

$

1,962

 

$

908

 

116.1

%

 

$

3,786

 

$

2,460

 

53.9

%

Professional services

 

3,331

 

 

4,865

 

(31.5

)%

 

 

6,667

 

 

9,219

 

(27.7

)%

Hardware

 

507

 

 

482

 

5.2

%

 

 

1,096

 

 

1,098

 

(0.2

)%

Maintenance

 

9,210

 

 

9,609

 

(4.2

)%

 

 

18,439

 

 

19,003

 

(3.0

)%

Total software revenue

 

15,010

 

 

15,864

 

(5.4

)%

 

 

29,988

 

 

31,780

 

(5.6

)%

Total revenue

$

33,710

 

$

35,723

 

(5.6

)%

 

$

67,535

 

$

71,759

 

(5.9

)%

 

For the three months ended June 30,

 

For the six months ended June 30,

(Dollars in thousands)

2022

 

2021

 

Change (%)

 

2022

 

2021

 

Change (%)

GAAP

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

$

31,298

 

$

37,332

 

 

(16.2

)%

 

$

73,791

 

 

$

75,108

 

 

(1.8

)%

Net income (loss)

$

1,924

 

$

(719

)

 

367.6

%

 

$

(5,290

)

 

$

(3,016

)

 

(75.4

)%

Cash, cash equivalents, and short-term investments

$

38,432

 

$

68,125

 

 

(43.6

)%

 

$

38,432

 

 

$

68,125

 

 

(43.6

)%

Capital returned to stockholders

$

6,155

 

$

2,422

 

 

154.1

%

 

$

12,679

 

 

$

5,152

 

 

146.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating expenses

$

29,977

 

$

37,399

 

 

(19.8

)%

 

$

67,041

 

 

$

75,368

 

 

(11.0

)%

Adjusted EBITDA

$

3,697

 

$

(1,549

)

 

338.7

%

 

$

(3,606

)

 

$

(1,970

)

 

(83.0

)%

 

For the three months ended June 30,

 

For the six months ended June 30,

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

2022

 

2021

 

Change (%)

 

2022

 

2021

 

Change (%)

Key Statistics

 

 

 

 

 

 

 

 

 

 

 

Wireless units in service

 

835

 

 

869

 

(3.9

)%

 

 

835

 

 

869

 

(3.9

)%

Wireless average revenue per unit (ARPU)

$

7.23

 

$

7.32

 

(1.2

)%

 

$

7.22

 

$

7.31

 

(1.2

)%

Software bookings

$

19,731

 

$

13,037

 

51.3

%

 

$

34,047

 

$

27,634

 

23.2

%

Software backlog (as of period end)

$

44,488

 

$

45,632

 

(2.5

)%

 

$

44,488

 

$

45,632

 

(2.5

)%

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

 

$

73.5

 

$

75.5

 

$

71.6

 

$

77.0

Software

 

$

56.5

 

$

60.5

 

$

54.4

 

$

62.2

Total Revenue

 

$

130.0

 

$

136.0

 

$

126.0

 

$

139.2

 

 

 

 

 

 

 

 

 

Adjusted Operating Expenses

 

$

123.3

 

$

126.1

 

$

118.8

 

$

128.6

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

$

3.2

 

$

3.9

 

$

3.4

 

$

4.2

2022 Second Quarter Call:

Management will host a conference call and webcast to discuss these financial results on Thursday, July 28, 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, July 28, 2022, at 8:30 a.m. EDT

Webcast:

         

https://www.webcast-eqs.com/spok07282022_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 expenses and 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.

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 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 six months ended

 

 

6/30/2022

 

6/30/2021

 

6/30/2022

 

6/30/2021

Revenue:

 

 

 

 

 

 

 

 

Wireless

 

$

18,700

 

 

$

19,859

 

 

$

37,547

 

 

$

39,979

 

Software

 

 

15,010

 

 

 

15,864

 

 

 

29,988

 

 

 

31,780

 

Total revenue

 

 

33,710

 

 

 

35,723

 

 

 

67,535

 

 

 

71,759

 

Operating expenses:

 

 

 

 

 

 

 

 

Cost of revenue (exclusive of items shown separately below)

 

 

6,980

 

 

 

7,859

 

 

 

14,784

 

 

 

15,840

 

Research and development

 

 

2,624

 

 

 

4,156

 

 

 

9,121

 

 

 

8,600

 

Technology operations

 

 

6,880

 

 

 

7,022

 

 

 

13,893

 

 

 

14,226

 

Selling and marketing

 

 

3,874

 

 

 

5,184

 

 

 

9,189

 

 

 

10,323

 

General and administrative

 

 

9,619

 

 

 

10,480

 

 

 

20,054

 

 

 

20,761

 

Depreciation, amortization and accretion

 

 

871

 

 

 

2,457

 

 

 

1,805

 

 

 

5,184

 

Severance and restructuring

 

 

450

 

 

 

174

 

 

 

4,945

 

 

 

174

 

Total operating expenses

 

 

31,298

 

 

 

37,332

 

 

 

73,791

 

 

 

75,108

 

% of total revenue

 

 

92.8

%

 

 

104.5

%

 

 

109.3

%

 

 

104.7

%

Operating income (loss)

 

 

2,412

 

 

 

(1,609

)

 

 

(6,256

)

 

 

(3,349

)

% of total revenue

 

 

7.2

%

 

 

(4.5

)%

 

 

(9.3

)%

 

 

(4.7

)%

Interest income

 

 

170

 

 

 

61

 

 

 

237

 

 

 

122

 

Other income

 

 

25

 

 

 

29

 

 

 

12

 

 

 

2

 

Income (loss) before income taxes

 

 

2,607

 

 

 

(1,519

)

 

 

(6,007

)

 

 

(3,225

)

(Provision for) benefit from income taxes

 

 

(683

)

 

 

800

 

 

 

717

 

 

 

209

 

Net income (loss)

 

$

1,924

 

 

$

(719

)

 

$

(5,290

)

 

$

(3,016

)

Basic and diluted net income (loss) per common share

 

$

0.10

 

 

$

(0.04

)

 

$

(0.27

)

 

$

(0.16

)

Basic weighted average common shares outstanding

 

 

19,693,659

 

 

 

19,395,364

 

 

 

19,645,680

 

 

 

19,335,081

 

Diluted weighted average common shares outstanding

 

 

19,807,430

 

 

 

19,395,364

 

 

 

19,645,680

 

 

 

19,335,081

 

Cash dividends declared per common share

 

 

0.3125

 

 

 

0.1250

 

 

 

0.6250

 

 

 

0.2500

 

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

 

 

 

 

6/30/2022

 

12/31/2021

 

 

 

 

 

ASSETS

 

(Unaudited)

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

23,437

 

 

$

44,583

 

Short-term investments

 

 

14,995

 

 

 

14,999

 

Accounts receivable, net

 

 

26,583

 

 

 

26,908

 

Prepaid expenses

 

 

7,187

 

 

 

6,641

 

Other current assets

 

 

788

 

 

 

922

 

Total current assets

 

 

72,990

 

 

 

94,053

 

Non-current assets:

 

 

 

 

Property and equipment, net

 

 

6,487

 

 

 

6,746

 

Operating lease right-of-use assets

 

 

17,367

 

 

 

15,821

 

Goodwill

 

 

99,175

 

 

 

99,175

 

Deferred income tax assets, net

 

 

32,151

 

 

 

31,653

 

Other non-current assets

 

 

706

 

 

 

706

 

Total non-current assets

 

 

155,886

 

 

 

154,101

 

Total assets

 

$

228,876

 

 

$

248,154

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

4,160

 

 

$

5,292

 

Accrued compensation and benefits

 

 

11,475

 

 

 

13,948

 

Deferred revenue

 

 

25,975

 

 

 

25,608

 

Operating lease liabilities

 

 

5,150

 

 

 

5,405

 

Other current liabilities

 

 

5,091

 

 

 

4,745

 

Total current liabilities

 

 

51,851

 

 

 

54,998

 

Non-current liabilities:

 

 

 

 

Asset retirement obligations

 

 

6,490

 

 

 

6,355

 

Operating lease liabilities

 

 

13,575

 

 

 

11,883

 

Other non-current liabilities

 

 

766

 

 

 

1,227

 

Total non-current liabilities

 

 

20,831

 

 

 

19,465

 

Total liabilities

 

 

72,682

 

 

 

74,463

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock

 

 

2

 

 

 

2

 

Additional paid-in capital

 

 

98,158

 

 

 

97,291

 

Accumulated other comprehensive loss

 

 

(1,792

)

 

 

(1,588

)

Retained earnings

 

 

59,826

 

 

 

77,986

 

Total stockholders' equity

 

 

156,194

 

 

 

173,691

 

Total liabilities and stockholders' equity

 

$

228,876

 

 

$

248,154

 

SPOK HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in thousands)

 

 

 

 

 

For the six months ended

 

6/30/2022

 

6/30/2021

Operating activities:

 

 

 

Net loss

$

(5,290

)

 

$

(3,016

)

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

 

 

 

Depreciation, amortization and accretion

 

1,805

 

 

 

5,184

 

Deferred income tax benefit

 

(495

)

 

 

(291

)

Stock-based compensation

 

2,076

 

 

 

4,020

 

Provisions for credit losses, service credits and other

 

861

 

 

 

657

 

Changes in assets and liabilities:

 

 

 

Accounts receivable

 

(576

)

 

 

1,775

 

Prepaid expenses and other assets

 

(416

)

 

 

994

 

Net operating lease liabilities

 

(109

)

 

 

563

 

Accounts payable, accrued liabilities and other

 

(3,582

)

 

 

(3,538

)

Deferred revenue

 

(169

)

 

 

(2,482

)

Net cash (used in) provided by operating activities

 

(5,895

)

 

 

3,866

 

Investing activities:

 

 

 

Purchases of property and equipment

 

(1,192

)

 

 

(2,198

)

Capitalized software development

 

 

 

 

(5,618

)

Purchase of short-term investments

 

(14,967

)

 

 

(29,993

)

Maturity of short-term investments

 

15,000

 

 

 

30,000

 

Net cash used in investing activities

 

(1,159

)

 

 

(7,809

)

Financing activities:

 

 

 

Cash distributions to stockholders

 

(12,679

)

 

 

(5,152

)

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

)

 

 

(1,656

)

Net cash used in financing activities

 

(13,888

)

 

 

(6,676

)

Effect of exchange rate on cash and cash equivalents

 

(204

)

 

 

17

 

Net decrease in cash and cash equivalents

 

(21,146

)

 

 

(10,602

)

Cash and cash equivalents, beginning of period

 

44,583

 

 

 

48,729

 

Cash and cash equivalents, end of period

$

23,437

 

 

$

38,127

 

Supplemental disclosure:

 

 

 

Income taxes paid/(refunded)

$

185

 

 

$

(42

)

SPOK HOLDINGS, INC.

UNITS IN SERVICE, MARKET SEGMENTS,

AND AVERAGE REVENUE PER UNIT (ARPU) (a)

(Unaudited and in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

6/30/2022

 

3/31/2022

 

12/31/2021

 

9/30/2021

 

6/30/2021

 

3/31/2021

 

12/31/2020

 

9/30/2020

Account size ending units in service (000's)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 to 100 units

 

 

53

 

 

 

54

 

 

 

55

 

 

 

57

 

 

 

58

 

 

 

59

 

 

 

61

 

 

 

63

 

101 to 1,000 units

 

 

149

 

 

 

150

 

 

 

154

 

 

 

154

 

 

 

155

 

 

 

163

 

 

 

167

 

 

 

167

 

>1,000 units

 

 

633

 

 

 

634

 

 

 

638

 

 

 

642

 

 

 

656

 

 

 

652

 

 

 

657

 

 

 

668

 

Total

 

 

835

 

 

 

838

 

 

 

847

 

 

 

853

 

 

 

869

 

 

 

874

 

 

 

885

 

 

 

898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market segment as a percent of total ending units in service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare

 

 

85.0

%

 

 

84.7

%

 

 

84.7

%

 

 

84.6

%

 

 

84.5

%

 

 

84.1

%

 

 

83.6

%

 

 

83.7

%

Government

 

 

4.2

%

 

 

4.7

%

 

 

4.8

%

 

 

4.8

%

 

 

4.9

%

 

 

4.8

%

 

 

5.3

%

 

 

5.3

%

Large enterprise

 

 

4.0

%

 

 

3.9

%

 

 

3.9

%

 

 

4.1

%

 

 

4.1

%

 

 

4.3

%

 

 

4.3

%

 

 

4.3

%

Other(b)

 

 

6.8

%

 

 

6.7

%

 

 

6.6

%

 

 

6.4

%

 

 

6.4

%

 

 

6.8

%

 

 

6.8

%

 

 

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

 

$

11.41

 

 

$

11.52

 

 

$

11.58

 

 

$

11.67

 

 

$

11.69

 

 

$

11.72

 

 

$

11.62

 

 

$

11.80

 

101 to 1,000 units

 

 

8.27

 

 

 

8.24

 

 

 

8.30

 

 

 

8.38

 

 

 

8.35

 

 

 

8.33

 

 

 

8.35

 

 

 

8.37

 

>1,000 units

 

 

6.63

 

 

 

6.64

 

 

 

6.63

 

 

 

6.65

 

 

 

6.68

 

 

 

6.68

 

 

 

6.62

 

 

 

6.67

 

Total

 

$

7.23

 

 

$

7.24

 

 

$

7.26

 

 

$

7.29

 

 

$

7.32

 

 

$

7.34

 

 

$

7.30

 

 

$

7.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 six months ended

 

 

6/30/2022

 

6/30/2021

 

6/30/2022

 

6/30/2021

Operating expenses

 

$

31,298

 

 

$

37,332

 

 

$

73,791

 

 

$

75,108

 

Add back:

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion

 

 

(871

)

 

 

(2,457

)

 

 

(1,805

)

 

 

(5,184

)

Capitalized software development costs

 

 

 

 

 

2,698

 

 

 

 

 

 

5,618

 

Severance and restructuring

 

 

(450

)

 

 

(174

)

 

 

(4,945

)

 

 

(174

)

Adjusted operating expenses

 

$

29,977

 

 

$

37,399

 

 

$

67,041

 

 

$

75,368

 

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited and in thousands)

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

 

6/30/2022

 

6/30/2021

 

6/30/2022

 

6/30/2021

Net income (loss)

 

$

1,924

 

 

$

(719

)

 

$

(5,290

)

 

$

(3,016

)

Add back:

 

 

 

 

 

 

 

 

(Provision for) benefit from income taxes

 

 

683

 

 

 

(800

)

 

 

(717

)

 

 

(209

)

Other income

 

 

(25

)

 

 

(29

)

 

 

(12

)

 

 

(2

)

Interest income

 

 

(170

)

 

 

(61

)

 

 

(237

)

 

 

(122

)

Depreciation, amortization and accretion

 

 

871

 

 

 

2,457

 

 

 

1,805

 

 

 

5,184

 

EBITDA

 

$

3,283

 

 

$

848

 

 

$

(4,451

)

 

$

1,835

 

Adjustments:

 

 

 

 

 

 

 

 

Capitalized software development costs

 

 

 

 

 

(2,698

)

 

 

 

 

 

(5,618

)

Stock-based compensation

 

 

961

 

 

 

1,781

 

 

 

2,076

 

 

 

4,020

 

Capital expenditures

 

 

(547

)

 

 

(1,480

)

 

 

(1,231

)

 

 

(2,207

)

Adjusted EBITDA

 

$

3,697

 

 

$

(1,549

)

 

$

(3,606

)

 

$

(1,970

)

RECONCILIATION OF ADJUSTED OPERATING EXPENSE FROM GUIDANCE

(Unaudited and in millions)

 

 

 

 

 

 

 

 

 

 

 

Current Guidance Range

 

Prior Guidance Range

 

 

From

 

To

 

From

 

To

Operating expenses

 

$

132.8

 

 

$

136.1

 

 

$

128.7

 

 

$

142.3

 

Add back:

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion

 

 

(3.5

)

 

 

(3.5

)

 

 

(3.5

)

 

 

(3.5

)

Severance and restructuring

 

$

(6.0

)

 

$

(6.5

)

 

$

(6.4

)

 

$

(10.2

)

Adjusted operating expenses

 

$

123.3

 

 

$

126.1

 

 

$

118.8

 

 

$

128.6

 

 

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