Spok Reports First Quarter Operating Results
Apr 29, 2015 4:30 PM
Software Revenue and Bookings Increase;
Wireless Trends Continue to Improve;
Board Declares Regular Quarterly Dividend
Software revenue increased 10.7 percent to
First quarter EBITDA (earnings before interest, taxes, depreciation,
amortization and accretion) totaled
Net income for the first quarter was
Other key results and highlights for the first quarter included:
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Software bookings increased to
$17.7 million from$16.9 million in the year-earlier quarter. First quarter bookings included$8.8 million of operations bookings and$8.9 million of maintenance renewals. -
Software backlog totaled
$40.6 million atMarch 31, 2015 , compared to$41.4 million a year earlier. -
Of the
$17.4 million in software revenue for the first quarter,$9.4 million was operations revenue and$8.0 million was maintenance revenue, compared to$8.4 million and$7.4 million , respectively, of the$15.8 million in software revenue for the first quarter of 2014. - The renewal rate for software maintenance in the first quarter was 99.7 percent.
-
The quarterly rate of paging unit erosion improved to 2.1 percent in
the first quarter, compared to 3.5 percent in the year-earlier
quarter, while the annual rate of unit erosion improved to 7.3 percent
from 10.3 percent in the year-earlier quarter, and was the Company’s
lowest rate of net unit loss in more than a decade. Net paging unit
losses total 26,000 versus 49,000 in the first quarter of 2014. Paging
units in service at
March 31, 2015 totaled 1,230,000, compared to 1,327,000 a year earlier. - The quarterly rate of wireless revenue erosion improved to 3.1 percent in the first quarter from 4.1 percent in the year-earlier quarter, while the annual rate of wireless revenue erosion improved to 10.7 percent versus 11.4 percent in the first quarter of 2014.
-
Total paging ARPU (average revenue per unit) was
$7.91 , compared to$8.11 in the year-earlier quarter and$7.92 in the fourth quarter of 2014. -
Consolidated operating expenses (excluding depreciation, amortization
and accretion) totaled
$38.1 million in the first quarter, compared to$38.0 million in the year-earlier quarter. -
Capital expenses were
$1.0 million , compared to$2.6 million in the year-earlier quarter. -
Capital returned to stockholders in the form of dividends and share
repurchases in the first quarter totaled
$3.3 million and$0.5 million , respectively. -
The Company’s cash balance at
March 31, 2015 was$105.6 million . -
The number of full-time equivalent employees at
March 31, 2015 totaled 604, compared to 587 at year-end 2014.
Commenting on software results, Kelly said: “Software revenue totaled
Kelly said first quarter bookings of
Kelly said the Company continued to expand software sales outside
The Company also recorded solid results for its wireless products and
services in the first quarter. “Gross pager placements totaled 29,000
versus 39,000 in the year-earlier quarter, while gross disconnects of
55,000 improved from 88,000 a year ago,” Kelly said. “As a result,
annual net pager losses for the quarter improved to an all-time low of
7.3 percent. Overall, wireless sales efforts continued to focus
primarily on our core market segments of Healthcare, Government and
Large Enterprise. Healthcare continued to be our best performing market
segment with the highest rate of gross placements and lowest rate of
unit disconnects, and comprised 77.9 percent of our direct
units-in-service and 73.1 percent of direct paging revenue at
Kelly added that
Endsley said the Company is maintaining its previously provided
financial guidance for 2015, which projects total revenue to range from
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About
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, declining demand for paging products and services, continued
demand for our software products and services, our ability to develop
additional software solutions for our customers and manage our
development as a global organization, the ability to manage operating
expenses, future capital needs, competitive pricing pressures,
competition from both traditional paging services and other wireless
communications services, competition from other software providers,
government regulation, reliance upon third-party providers for certain
equipment and services, as well as other risks described from time to
time in our periodic reports and other filings with the
Tables to Follow
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (a) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited and in thousands except share, per share amounts and ARPU) |
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For the three months ended | |||||||||||||||||||||||||||||||||||||||||
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Revenue: | |||||||||||||||||||||||||||||||||||||||||
Wireless | $ | 30,690 | $ | 31,678 | $ | 32,855 | $ | 33,518 | $ | 34,351 | $ | 35,831 | $ | 37,067 | $ | 37,771 | |||||||||||||||||||||||||
Software | 17,448 | 19,591 | 16,936 | 15,576 | 15,768 | 18,854 | 12,602 | 14,497 | |||||||||||||||||||||||||||||||||
Total revenue | 48,138 | 51,269 | 49,791 | 49,094 | 50,119 | 54,685 | 49,669 | 52,268 | |||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Cost of revenue | 8,813 | 10,571 | 8,000 | 7,180 | 6,805 | 7,500 | 6,787 | 6,961 | |||||||||||||||||||||||||||||||||
Service, rental and maintenance | 11,256 | 11,285 | 10,988 | 11,420 | 11,792 | 11,442 | 11,820 | 12,018 | |||||||||||||||||||||||||||||||||
Selling and marketing | 7,048 | 7,915 | 7,072 | 7,780 | 7,246 | 7,297 | 6,388 | 6,538 | |||||||||||||||||||||||||||||||||
General and administrative | 11,001 | 11,905 | 10,866 | 10,990 | 12,135 | 11,470 | 11,282 | 11,022 | |||||||||||||||||||||||||||||||||
Severance and restructuring | — | 926 | 545 | 4 | 20 | 981 | — | 2 | |||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 3,747 | 4,049 | 4,247 | 4,352 | 4,029 | 3,680 | 3,858 | 3,822 | |||||||||||||||||||||||||||||||||
Total operating expenses | 41,865 | 46,651 | 41,718 | 41,726 | 42,027 | 42,370 | 40,135 | 40,363 | |||||||||||||||||||||||||||||||||
% of total revenue | 87.0 | % | 91.0 | % | 83.8 | % | 85.0 | % | 83.9 | % | 77.5 | % | 80.8 | % | 77.2 | % | |||||||||||||||||||||||||
Operating income | 6,273 | 4,618 | 8,073 | 7,368 | 8,092 | 12,315 | 9,534 | 11,905 | |||||||||||||||||||||||||||||||||
% of total revenue | 13.0 | % | 9.0 | % | 16.2 | % | 15.0 | % | 16.1 | % | 22.5 | % | 19.2 | % | 22.8 | % | |||||||||||||||||||||||||
Interest expense, net | (1 | ) | (262 | ) | (63 | ) | (64 | ) | (67 | ) | (64 | ) | (68 | ) | (64 | ) | |||||||||||||||||||||||||
Other (expense) income, net | 60 | (188 | ) | (2 | ) | (194 | ) | 16 | 15 | 84 | (75 | ) | |||||||||||||||||||||||||||||
Income before income tax expense | 6,332 | 4,168 | 8,008 | 7,110 | 8,041 | 12,266 | 9,550 | 11,766 | |||||||||||||||||||||||||||||||||
Income tax expense | (2,415 | ) | 2,744 | (3,356 | ) | (2,819 | ) | (3,151 | ) | (4,251 | ) | (3,788 | ) | (4,938 | ) | ||||||||||||||||||||||||||
Net income | $ | 3,917 | $ | 6,912 | $ | 4,652 | $ | 4,291 | $ | 4,890 | $ | 8,015 | $ | 5,762 | $ | 6,828 | |||||||||||||||||||||||||
Basic net income per common share | $ | 0.18 | $ | 0.32 | $ | 0.21 | $ | 0.20 | $ | 0.23 | $ | 0.37 | $ | 0.27 | $ | 0.32 | |||||||||||||||||||||||||
Diluted net income per common share | $ | 0.18 | $ | 0.31 | $ | 0.21 | $ | 0.19 | $ | 0.22 | $ | 0.36 | $ | 0.26 | $ | 0.31 | |||||||||||||||||||||||||
Basic weighted average common shares outstanding | 21,898,792 | 21,554,746 | 21,651,347 | 21,642,163 | 21,638,198 | 21,633,706 | 21,629,289 | 21,644,281 | |||||||||||||||||||||||||||||||||
Diluted weighted average common shares outstanding | 22,053,015 | 22,101,600 | 22,135,554 | 22,099,791 | 22,037,796 | 21,969,756 | 21,919,238 | 21,827,149 | |||||||||||||||||||||||||||||||||
Reconciliation of operating income to EBITDA (b): | |||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 6,273 | $ | 4,618 | $ | 8,073 | $ | 7,368 | $ | 8,092 | $ | 12,315 | $ | 9,534 | $ | 11,905 | |||||||||||||||||||||||||
Add back: depreciation, amortization and accretion | 3,747 | 4,049 | 4,247 | 4,352 | 4,029 | 3,680 | 3,858 | 3,822 | |||||||||||||||||||||||||||||||||
EBITDA | $ | 10,020 | $ | 8,667 | $ | 12,320 | $ | 11,720 | $ | 12,121 | $ | 15,995 | $ | 13,392 | $ | 15,727 | |||||||||||||||||||||||||
% of total revenue | 20.8 | % | 16.9 | % | 24.7 | % | 23.9 | % | 24.2 | % | 29.2 | % | 27.0 | % | 30.1 | % | |||||||||||||||||||||||||
Key statistics: | |||||||||||||||||||||||||||||||||||||||||
Units in service | 1,230 | 1,256 | 1,274 | 1,299 | 1,327 | 1,376 | 1,408 | 1,445 | |||||||||||||||||||||||||||||||||
Average revenue per unit (ARPU) | $ | 7.91 | $ | 7.92 | $ | 7.97 | $ | 7.98 | $ | 8.11 | $ | 8.15 | $ | 8.22 | $ | 8.22 | |||||||||||||||||||||||||
Bookings | $ | 17,740 | $ | 22,272 | $ | 20,362 | $ | 18,959 | $ | 16,921 | $ | 16,271 | $ | 17,302 | $ | 15,626 | |||||||||||||||||||||||||
Backlog | $ | 40,551 | $ | 42,391 | $ | 42,117 | $ | 40,182 | $ | 41,396 | $ | 40,211 | $ | 43,831 | $ | 39,576 |
(a) Slight variations in totals are due to rounding.
(b) EBITDA or
earnings before interest, taxes, depreciation, amortization and
accretion is a non-GAAP measure and is presented for analytical purposes
only.
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CONDENSED CONSOLIDATED BALANCE SHEETS (a) | |||||||||
(In thousands) |
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(Unaudited) | |||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 105,637 | $ | 107,869 | |||||
Accounts receivable, net | 23,374 | 24,969 | |||||||
Prepaid expenses and other | 5,855 | 7,250 | |||||||
Inventory | 3,222 | 2,673 | |||||||
Deferred income tax assets, net | 1,979 | 2,194 | |||||||
Total current assets | 140,067 | 144,955 | |||||||
Property and equipment, net | 16,265 | 17,395 | |||||||
Goodwill | 133,031 | 133,031 | |||||||
Other intangible assets, net | 18,323 | 19,698 | |||||||
Deferred income tax assets, net | 20,167 | 21,949 | |||||||
Other assets | 1,618 | 862 | |||||||
Total assets | $ | 329,471 | $ | 337,890 | |||||
Liabilities and stockholders' equity | |||||||||
Current liabilities: | |||||||||
Accounts payable and accrued liabilities | $ | 9,653 | $ | 11,688 | |||||
Accrued compensation and benefits | 9,732 | 14,041 | |||||||
Deferred revenue | 24,612 | 24,034 | |||||||
Total current liabilities | 43,997 | 49,763 | |||||||
Deferred revenue | 888 | 937 | |||||||
Other long-term liabilities | 8,334 | 8,131 | |||||||
Total liabilities | 53,219 | 58,831 | |||||||
Commitments and contingencies | |||||||||
Stockholders' equity: | |||||||||
Preferred stock | — | — | |||||||
Common stock | 2 | 2 | |||||||
Additional paid-in capital | 122,704 | 126,678 | |||||||
Retained earnings | 153,546 | 152,379 | |||||||
Total stockholders' equity | 276,252 | 279,059 | |||||||
Total liabilities and stockholders' equity | $ | 329,471 | $ | 337,890 | |||||
(a) Slight variations in totals are due to rounding. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (a) | |||||||||||
(Unaudited and in thousands) |
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For the three months ended | |||||||||||
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Cash flows from operating activities: | |||||||||||
Net income | $ | 3,917 | $ | 4,890 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 3,747 | 4,029 | |||||||||
Amortization of deferred financing costs | - | 65 | |||||||||
Deferred income tax expense | 1,997 | 2,594 | |||||||||
Amortization of stock based compensation | 443 | 1,086 | |||||||||
Provisions for doubtful accounts, service credits and other | 327 | 340 | |||||||||
Adjustments of non-cash transaction taxes | (49 | ) | (115 | ) | |||||||
(Gain) Loss on disposals of property and equipment | (18 | ) | (2 | ) | |||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 1,268 | (2,586 | ) | ||||||||
Prepaid expenses and other assets | 54 | 807 | |||||||||
Accounts payable, accrued liabilities and accrued compensation and benefits | (9,616 | ) | (3,675 | ) | |||||||
Customer deposits and deferred revenue | 530 | 378 | |||||||||
Net cash provided by operating activities | 2,600 | 7,811 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (1,040 | ) | (2,643 | ) | |||||||
Proceeds from disposals of property and equipment | 30 | 58 | |||||||||
Net cash used in investing activities | (1,010 | ) | (2,585 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Cash dividends to stockholders | (3,356 | ) | (2,707 | ) | |||||||
Purchase of common stock | (466 | ) | - | ||||||||
Net cash used in financing activities | (3,822 | ) | (2,707 | ) | |||||||
Net increase in cash and cash equivalents | (2,232 | ) | 2,519 | ||||||||
Cash and cash equivalents, beginning of period | 107,869 | 89,075 | |||||||||
Cash and cash equivalents, end of period | $ | 105,637 | $ | 91,594 | |||||||
Supplemental disclosure: | |||||||||||
Interest paid | $ | 1 | $ | 2 | |||||||
Income taxes paid | $ | 337 | $ | 161 | |||||||
(a) Slight variations in totals are due to rounding. |
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CONSOLIDATED REVENUE | |||||||||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION (a) | |||||||||||||||||||||||||||||||||
(Unaudited and in thousands) |
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For the three months ended | |||||||||||||||||||||||||||||||||
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Revenue | |||||||||||||||||||||||||||||||||
Paging | $ | 29,491 | $ | 30,071 | $ | 30,776 | $ | 31,458 | $ | 32,896 | $ | 34,015 | $ | 35,141 | $ | 36,064 | |||||||||||||||||
Non-paging | 1,199 | 1,607 | 2,079 | 2,060 | 1,455 | 1,816 | 1,926 | 1,707 | |||||||||||||||||||||||||
Wireless | 30,690 | 31,678 | 32,855 | 33,518 | 34,351 | 35,831 | 37,067 | 37,771 | |||||||||||||||||||||||||
Subscription | 398 | 365 | 458 | 377 | 283 | 248 | 220 | 178 | |||||||||||||||||||||||||
License | 2,595 | 3,474 | 2,374 | 2,497 | 2,929 | 4,138 | 2,000 | 2,458 | |||||||||||||||||||||||||
Services | 5,018 | 5,579 | 4,305 | 3,558 | 3,930 | 5,493 | 2,080 | 3,327 | |||||||||||||||||||||||||
Equipment | 1,374 | 2,145 | 1,930 | 1,614 | 1,250 | 1,875 | 1,251 | 1,589 | |||||||||||||||||||||||||
Operations revenue | 9,385 | 11,563 | 9,067 | 8,046 | 8,392 | 11,754 | 5,551 | 7,552 | |||||||||||||||||||||||||
Maintenance revenue | 8,063 | 8,028 | 7,869 | 7,530 | 7,376 | 7,100 | 7,051 | 6,945 | |||||||||||||||||||||||||
Software | 17,448 | 19,591 | 16,936 | 15,576 | 15,768 | 18,854 | 12,602 | 14,497 | |||||||||||||||||||||||||
Total revenue | $ | 48,138 | $ | 51,269 | $ | 49,791 | $ | 49,094 | $ | 50,119 | $ | 54,685 | $ | 49,669 | $ | 52,268 | |||||||||||||||||
(a) Slight variations in totals are due to rounding. |
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CONSOLIDATED OPERATING EXPENSES | |||||||||||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION (a) | |||||||||||||||||||||||||||||||||||
(Unaudited and in thousands) |
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Cost of revenue | |||||||||||||||||||||||||||||||||||
Payroll and related | $ | 4,157 | $ | 4,222 | $ | 3,743 | $ | 3,827 | $ | 3,959 | $ | 3,609 | $ | 3,744 | $ | 3,743 | |||||||||||||||||||
Cost of sales | 3,620 | 5,225 | 3,098 | 2,232 | 1,917 | 2,726 | 1,992 | 2,133 | |||||||||||||||||||||||||||
Stock based compensation | 34 | 81 | 108 | 81 | 81 | 74 | 64 | 49 | |||||||||||||||||||||||||||
Other | 1,002 | 1,043 | 1,051 | 1,040 | 848 | 1,091 | 987 | 1,036 | |||||||||||||||||||||||||||
Total cost of revenue | 8,813 | 10,571 | 8,000 | 7,180 | 6,805 | 7,500 | 6,787 | 6,961 | |||||||||||||||||||||||||||
Service, rental and maintenance | |||||||||||||||||||||||||||||||||||
Site rent | 3,766 | 3,834 | 3,914 | 3,981 | 4,015 | 3,972 | 4,142 | 4,237 | |||||||||||||||||||||||||||
Telecommunications | 1,343 | 1,487 | 1,548 | 1,669 | 1,736 | 1,751 | 1,832 | 1,885 | |||||||||||||||||||||||||||
Payroll and related | 4,652 | 4,533 | 4,106 | 4,434 | 4,594 | 4,296 | 4,577 | 4,589 | |||||||||||||||||||||||||||
Stock based compensation | 29 | 30 | 56 | (17 | ) | 39 | 32 | 59 | 20 | ||||||||||||||||||||||||||
Repairs and maintenance | 528 | 467 | 489 | 436 | 508 | 482 | 484 | 480 | |||||||||||||||||||||||||||
Other | 938 | 934 | 875 | 917 | 900 | 909 | 726 | 807 | |||||||||||||||||||||||||||
Total service, rental and maintenance | 11,256 | 11,285 | 10,988 | 11,420 | 11,792 | 11,442 | 11,820 | 12,018 | |||||||||||||||||||||||||||
Selling and marketing | |||||||||||||||||||||||||||||||||||
Payroll and related | 3,916 | 3,945 | 3,859 | 4,099 | 4,098 | 3,717 | 3,917 | 3,919 | |||||||||||||||||||||||||||
Commissions | 1,836 | 2,481 | 1,949 | 2,087 | 1,952 | 2,162 | 1,310 | 1,519 | |||||||||||||||||||||||||||
Stock based compensation | 51 | 131 | 151 | 131 | 131 | (24 | ) | 122 | 119 | ||||||||||||||||||||||||||
Other | 1,245 | 1,358 | 1,113 | 1,463 | 1,065 | 1,442 | 1,039 | 981 | |||||||||||||||||||||||||||
Total selling and marketing | 7,048 | 7,915 | 7,072 | 7,780 | 7,246 | 7,297 | 6,388 | 6,538 | |||||||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||||||||||||||
Payroll and related | 4,879 | 4,737 | 4,217 | 4,440 | 4,796 | 4,802 | 4,696 | 5,074 | |||||||||||||||||||||||||||
Stock based compensation | 329 | 780 | 791 | 429 | 835 | 763 | 701 | 440 | |||||||||||||||||||||||||||
Bad debt | 160 | 127 | 136 | 134 | 86 | 262 | 274 | 265 | |||||||||||||||||||||||||||
Facility rent | 941 | 830 | 863 | 899 | 922 | 719 | 883 | 839 | |||||||||||||||||||||||||||
Telecommunications | 333 | 381 | 427 | 399 | 395 | 420 | 388 | 343 | |||||||||||||||||||||||||||
Outside services | 1,786 | 1,786 | 1,698 | 1,719 | 1,762 | 1,811 | 1,927 | 1,606 | |||||||||||||||||||||||||||
Taxes, licenses and permits | 1,125 | 1,283 | 1,225 | 1,383 | 1,064 | 1,358 | 1,106 | 1,166 | |||||||||||||||||||||||||||
Repairs & maintenance | 406 | 506 | 510 | 421 | 374 | 314 | 333 | 278 | |||||||||||||||||||||||||||
Financial Services | 362 | 346 | 336 | 379 | 363 | 357 | 350 | 349 | |||||||||||||||||||||||||||
Other | 680 | 1,129 | 663 | 787 | 1,538 | 664 | 624 | 662 | |||||||||||||||||||||||||||
Total general and administrative | 11,001 | 11,905 | 10,866 | 10,990 | 12,135 | 11,470 | 11,282 | 11,022 | |||||||||||||||||||||||||||
Severance and restructuring | — | 926 | 545 | 4 | 20 | 981 | — | 2 | |||||||||||||||||||||||||||
Depreciation, amortization and accretion | 3,747 | 4,049 | 4,247 | 4,352 | 4,029 | 3,680 | 3,858 | 3,822 | |||||||||||||||||||||||||||
Operating expenses | $ | 41,865 | $ | 46,651 | $ | 41,718 | $ | 41,726 | $ | 42,027 | $ | 42,370 | $ | 40,135 | $ | 40,363 | |||||||||||||||||||
Capital expenditures | $ | 1,040 | $ | 1,352 | $ | 1,291 | $ | 2,393 | $ | 2,643 | $ | 2,636 | $ | 2,504 | $ | 2,927 | |||||||||||||||||||
(a) Slight variations in totals are due to rounding. |
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UNITS IN SERVICE ACTIVITY (a) | |||||||||||||||||||||||||||||||||
(Unaudited and in thousands) |
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Paging units in service |
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Beginning units in service | |||||||||||||||||||||||||||||||||
Direct one-way | 1,140 | 1,157 | 1,179 | 1,200 | 1,246 | 1,275 | 1,307 | 1,324 | |||||||||||||||||||||||||
Direct two-way | 64 | 63 | 64 | 69 | 69 | 70 | 73 | 73 | |||||||||||||||||||||||||
Total direct | 1,204 | 1,220 | 1,243 | 1,269 | 1,315 | 1,345 | 1,380 | 1,397 | |||||||||||||||||||||||||
Indirect one-way | 26 | 28 | 29 | 30 | 34 | 35 | 36 | 38 | |||||||||||||||||||||||||
Indirect two-way | 26 | 26 | 27 | 28 | 27 | 28 | 29 | 45 | |||||||||||||||||||||||||
Total indirect | 52 | 54 | 56 | 58 | 61 | 63 | 65 | 83 | |||||||||||||||||||||||||
Total beginning units in service | 1,256 | 1,274 | 1,299 | 1,327 | 1,376 | 1,408 | 1,445 | 1,480 | |||||||||||||||||||||||||
Gross placements | |||||||||||||||||||||||||||||||||
Direct one-way | 25 | 31 | 40 | 48 | 34 | 32 | 40 | 49 | |||||||||||||||||||||||||
Direct two-way | 3 | 3 | 4 | 2 | 4 | 3 | 3 | 5 | |||||||||||||||||||||||||
Total direct | 28 | 34 | 44 | 50 | 38 | 35 | 43 | 54 | |||||||||||||||||||||||||
Indirect one-way | 1 | 1 | 1 | 1 | — | 1 | 1 | 1 | |||||||||||||||||||||||||
Indirect two-way | — | — | — | — | 1 | — | — | — | |||||||||||||||||||||||||
Total indirect | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||
Total gross placements | 29 | 35 | 45 | 51 | 39 | 36 | 44 | 55 | |||||||||||||||||||||||||
Gross disconnects | |||||||||||||||||||||||||||||||||
Direct one-way | (49 | ) | (47 | ) | (62 | ) | (69 | ) | (80 | ) | (61 | ) | (72 | ) | (66 | ) | |||||||||||||||||
Direct two-way | (3 | ) | (3 | ) | (5 | ) | (7 | ) | (4 | ) | (4 | ) | (6 | ) | (5 | ) | |||||||||||||||||
Total direct | (52 | ) | (50 | ) | (67 | ) | (76 | ) | (84 | ) | (65 | ) | (78 | ) | (71 | ) | |||||||||||||||||
Indirect one-way | (2 | ) | (2 | ) | (2 | ) | (2 | ) | (4 | ) | (2 | ) | (2 | ) | (3 | ) | |||||||||||||||||
Indirect two-way | (1 | ) | (1 | ) | (1 | ) | (1 | ) | — | (1 | ) | (1 | ) | (16 | ) | ||||||||||||||||||
Total indirect | (3 | ) | (3 | ) | (3 | ) | (3 | ) | (4 | ) | (3 | ) | (3 | ) | (19 | ) | |||||||||||||||||
Total gross disconnects | (55 | ) | (53 | ) | (70 | ) | (79 | ) | (88 | ) | (68 | ) | (81 | ) | (90 | ) | |||||||||||||||||
Net loss | |||||||||||||||||||||||||||||||||
Direct one-way | (24 | ) | (16 | ) | (22 | ) | (21 | ) | (46 | ) | (29 | ) | (32 | ) | (17 | ) | |||||||||||||||||
Direct two-way | — | — | (1 | ) | (5 | ) | — | (1 | ) | (3 | ) | — | |||||||||||||||||||||
Total direct | (24 | ) | (16 | ) | (23 | ) | (26 | ) | (46 | ) | (30 | ) | (35 | ) | (17 | ) | |||||||||||||||||
Indirect one-way | (1 | ) | (1 | ) | (1 | ) | (1 | ) | (4 | ) | (1 | ) | (1 | ) | (2 | ) | |||||||||||||||||
Indirect two-way | (1 | ) | (1 | ) | (1 | ) | (1 | ) | 1 | (1 | ) | (1 | ) | (16 | ) | ||||||||||||||||||
Total indirect | (2 | ) | (2 | ) | (2 | ) | (2 | ) | (3 | ) | (2 | ) | (2 | ) | (18 | ) | |||||||||||||||||
Total net change | (26 | ) | (18 | ) | (25 | ) | (28 | ) | (49 | ) | (32 | ) | (37 | ) | (35 | ) | |||||||||||||||||
Ending units in service | |||||||||||||||||||||||||||||||||
Direct one-way | 1,116 | 1,141 | 1,157 | 1,179 | 1,200 | 1,246 | 1,275 | 1,307 | |||||||||||||||||||||||||
Direct two-way | 64 | 63 | 63 | 64 | 69 | 69 | 70 | 73 | |||||||||||||||||||||||||
Total direct | 1,180 | 1,204 | 1,220 | 1,243 | 1,269 | 1,315 | 1,345 | 1,380 | |||||||||||||||||||||||||
Indirect one-way | 25 | 27 | 28 | 29 | 30 | 34 | 35 | 36 | |||||||||||||||||||||||||
Indirect two-way | 25 | 25 | 26 | 27 | 28 | 27 | 28 | 29 | |||||||||||||||||||||||||
Total indirect | 50 | 52 | 54 | 56 | 58 | 61 | 63 | 65 | |||||||||||||||||||||||||
Total ending units in service | 1,230 | 1,256 | 1,274 | 1,299 | 1,327 | 1,376 | 1,408 | 1,445 | |||||||||||||||||||||||||
(a) Slight variations in totals are due to rounding. |
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AVERAGE REVENUE PER UNIT (ARPU) AND CHURN (a) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
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For the three months ended | |||||||||||||||||||||||||||||||||||||||||
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Paging ARPU |
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Direct one-way | $ | 7.45 | $ | 7.45 | $ | 7.48 | $ | 7.48 | $ | 7.59 | $ | 7.60 | $ | 7.64 | $ | 7.67 | |||||||||||||||||||||||||
Direct two-way | 17.69 | 17.95 | 18.17 | 18.21 | 18.91 | 19.43 | 19.93 | 19.95 | |||||||||||||||||||||||||||||||||
Total direct | 7.99 | 8.00 | 8.05 | 8.06 | 8.19 | 8.23 | 8.29 | 8.33 | |||||||||||||||||||||||||||||||||
Indirect one-way | 8.08 | 8.13 | 8.24 | 8.18 | 8.22 | 8.68 | 8.90 | 8.97 | |||||||||||||||||||||||||||||||||
Indirect two-way | 3.93 | 4.06 | 4.31 | 4.45 | 4.32 | 3.97 | 3.97 | 3.89 | |||||||||||||||||||||||||||||||||
Total indirect | 6.01 | 6.12 | 6.32 | 6.39 | 6.37 | 6.47 | 6.57 | 6.31 | |||||||||||||||||||||||||||||||||
Total one-way | 7.46 | 7.46 | 7.50 | 7.50 | 7.60 | 7.63 | 7.68 | 7.71 | |||||||||||||||||||||||||||||||||
Total two-way | 13.72 | 13.87 | 14.10 | 14.22 | 14.70 | 14.90 | 15.20 | 14.40 | |||||||||||||||||||||||||||||||||
Total paging ARPU | $ | 7.91 | $ | 7.92 | $ | 7.97 | $ | 7.98 | $ | 8.11 | $ | 8.15 | $ | 8.22 | $ | 8.22 | |||||||||||||||||||||||||
Gross disconnect rate (b) |
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Direct one-way | (4.3 | )% | (4.1 | )% | (5.5 | )% | (5.7 | )% | (6.4 | )% | (4.7 | )% | (5.6 | )% | (5.0 | )% | |||||||||||||||||||||||||
Direct two-way | (5.4 | )% | (4.5 | )% | (7.3 | )% | (10.5 | )% | (5.6 | )% | (6.4 | )% | (7.9 | )% | (6.7 | )% | |||||||||||||||||||||||||
Total direct | (4.4 | )% | (4.1 | )% | (5.4 | )% | (6.0 | )% | (6.4 | )% | (4.8 | )% | (5.7 | )% | (5.1 | )% | |||||||||||||||||||||||||
Indirect one-way | (6.7 | )% | (6.5 | )% | (6.4 | )% | (6.8 | )% | (8.2 | )% | (6.1 | )% | (6.3 | )% | (7.4 | )% | |||||||||||||||||||||||||
Indirect two-way | (4.4 | )% | (2.3 | )% | (1.9 | )% | (2.7 | )% | (2.3 | )% | (5.7 | )% | (4.8 | )% | (34.0 | )% | |||||||||||||||||||||||||
Total indirect | (5.5 | )% | (4.4 | )% | (4.2 | )% | (4.8 | )% | (5.5 | )% | (5.9 | )% | (5.6 | )% | (22.3 | )% | |||||||||||||||||||||||||
Total one-way | (4.4 | )% | (4.2 | )% | (5.3 | )% | (5.8 | )% | (6.5 | )% | (4.8 | )% | (5.6 | )% | (5.1 | )% | |||||||||||||||||||||||||
Total two-way | (5.1 | )% | (3.9 | )% | (5.7 | )% | (8.3 | )% | (4.7 | )% | (6.2 | )% | (7.0 | )% | (17.3 | )% | |||||||||||||||||||||||||
Total paging gross disconnect rate | (4.4 | )% | (4.1 | )% | (5.3 | )% | (5.9 | )% | (6.3 | )% | (4.9 | )% | (5.7 | )% | (6.1 | )% | |||||||||||||||||||||||||
Net loss rate (c) |
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Direct one-way | (2.1 | )% | (1.4 | )% | (1.8 | )% | (1.9 | )% | (3.7 | )% | (2.1 | )% | (2.5 | )% | (1.3 | )% | |||||||||||||||||||||||||
Direct two-way | (0.9 | )% | (0.1 | )% | (3.0 | )% | (4.5 | )% | (0.6 | )% | (2.2 | )% | (3.6 | )% | (0.4 | )% | |||||||||||||||||||||||||
Total direct | (2.0 | )% | (1.4 | )% | (1.9 | )% | (2.0 | )% | (3.5 | )% | (2.1 | )% | (2.5 | )% | (1.3 | )% | |||||||||||||||||||||||||
Indirect one-way | (4.0 | )% | (4.3 | )% | (4.1 | )% | (4.8 | )% | (6.3 | )% | (3.9 | )% | (3.3 | )% | (4.7 | )% | |||||||||||||||||||||||||
Indirect two-way | (3.6 | )% | (2.0 | )% | (1.5 | )% | (2.2 | )% | (1.9 | )% | (4.9 | )% | (4.1 | )% | (33.7 | )% | |||||||||||||||||||||||||
Total indirect | (3.8 | )% | (3.1 | )% | (2.8 | )% | (3.5 | )% | (4.2 | )% | (4.4 | )% | (3.6 | )% | (21.0 | )% | |||||||||||||||||||||||||
Total one-way | (2.1 | )% | (1.5 | )% | (1.9 | )% | (2.0 | )% | (3.7 | )% | (2.2 | )% | (2.5 | )% | (1.4 | )% | |||||||||||||||||||||||||
Total two-way | (1.7 | )% | (0.6 | )% | (2.5 | )% | (3.8 | )% | (1.0 | )% | (3.0 | )% | (3.8 | )% | (13.3 | )% | |||||||||||||||||||||||||
Total paging net loss rate | (2.1 | )% | (1.4 | )% | (1.9 | )% | (2.1 | )% | (3.5 | )% | (2.2 | )% | (2.6 | )% | (2.4 | )% |
(a) Slight variations in totals are due to rounding.
(b) Gross
disconnect rate is current period disconnected units divided by prior
period ending units in service.
(c) Net loss rate is net current
period placements and disconnected units in service divided by prior
period ending units in service.
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SUPPLEMENTAL INFORMATION BY MARKET SEGMENT (a) | |||||||||||||||||||||||||||||||||
(Unaudited) |
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For the three months ended | |||||||||||||||||||||||||||||||||
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Gross placement rate (b) | |||||||||||||||||||||||||||||||||
Healthcare | 2.6 | % | 3.0 | % | 3.8 | % | 4.5 | % | 3.1 | % | 2.9 | % | 3.3 | % | 4.5 | % | |||||||||||||||||
Government | 1.0 | % | 1.2 | % | 1.5 | % | 2.6 | % | 1.9 | % | 1.5 | % | 1.7 | % | 2.3 | % | |||||||||||||||||
Large enterprise | 2.1 | % | 2.3 | % | 2.7 | % | 2.0 | % | 2.9 | % | 3.0 | % | 4.3 | % | 2.4 | % | |||||||||||||||||
Other | 1.6 | % | 2.1 | % | 4.3 | % | 2.2 | % | 2.1 | % | 1.7 | % | 2.0 | % | 1.5 | % | |||||||||||||||||
Total direct | 2.3 | % | 2.8 | % | 3.5 | % | 4.0 | % | 2.9 | % | 2.7 | % | 3.1 | % | 3.8 | % | |||||||||||||||||
Total indirect | 1.7 | % | 1.3 | % | 1.4 | % | 1.3 | % | 1.2 | % | 1.5 | % | 1.9 | % | 1.4 | % | |||||||||||||||||
Total | 2.3 | % | 2.7 | % | 3.4 | % | 3.9 | % | 2.8 | % | 2.7 | % | 3.1 | % | 3.7 | % | |||||||||||||||||
Gross disconnect rate (b) | |||||||||||||||||||||||||||||||||
Healthcare | (3.9 | )% | (3.8 | )% | (5.1 | )% | (5.3 | )% | (6.5 | )% | (4.5 | )% | (5.2 | )% | (4.4 | )% | |||||||||||||||||
Government | (5.0 | )% | (4.7 | )% | (7.5 | )% | (7.6 | )% | (5.6 | )% | (4.7 | )% | (7.9 | )% | (7.1 | )% | |||||||||||||||||
Large enterprise | (5.7 | )% | (4.7 | )% | (4.8 | )% | (8.9 | )% | (5.4 | )% | (6.4 | )% | (6.0 | )% | (6.7 | )% | |||||||||||||||||
Other | (7.1 | )% | (6.4 | )% | (6.9 | )% | (7.7 | )% | (6.5 | )% | (6.5 | )% | (6.5 | )% | (7.4 | )% | |||||||||||||||||
Total direct | (4.3 | )% | (4.1 | )% | (5.4 | )% | (6.0 | )% | (6.4 | )% | (4.8 | )% | (5.7 | )% | (5.1 | )% | |||||||||||||||||
Total indirect | (5.5 | )% | (4.4 | )% | (4.2 | )% | (4.8 | )% | (5.5 | )% | (5.9 | )% | (5.6 | )% | (22.3 | )% | |||||||||||||||||
Total | (4.4 | )% | (4.1 | )% | (5.3 | )% | (5.9 | )% | (6.3 | )% | (4.9 | )% | (5.7 | )% | (6.1 | )% | |||||||||||||||||
Net loss rate (b) | |||||||||||||||||||||||||||||||||
Healthcare | (1.3 | )% | (0.7 | )% | (1.3 | )% | (0.8 | )% | (3.5 | )% | (1.5 | )% | (2.0 | )% | — | % | |||||||||||||||||
Government | (4.0 | )% | (3.5 | )% | (6.0 | )% | (5.0 | )% | (3.6 | )% | (3.2 | )% | (6.3 | )% | (4.6 | )% | |||||||||||||||||
Large enterprise | (3.6 | )% | (2.4 | )% | (2.1 | )% | (6.9 | )% | (2.5 | )% | (3.3 | )% | (1.6 | )% | (4.2 | )% | |||||||||||||||||
Other | (5.5 | )% | (4.4 | )% | (2.5 | )% | (5.5 | )% | (4.4 | )% | (4.8 | )% | (4.5 | )% | (5.9 | )% | |||||||||||||||||
Total direct | (2.0 | )% | (1.4 | )% | (1.9 | )% | (2.0 | )% | (3.5 | )% | (2.1 | )% | (2.5 | )% | (1.3 | )% | |||||||||||||||||
Total indirect | (3.8 | )% | (3.1 | )% | (2.8 | )% | (3.5 | )% | (4.2 | )% | (4.4 | )% | (3.6 | )% | (21.0 | )% | |||||||||||||||||
Total | (2.1 | )% | (1.4 | )% | (1.9 | )% | (2.1 | )% | (3.5 | )% | (2.2 | )% | (2.6 | )% | (2.4 | )% | |||||||||||||||||
End of period units in service % of total (b) | |||||||||||||||||||||||||||||||||
Healthcare | 74.7 | % | 74.1 | % | 73.6 | % | 73.0 | % | 72.0 | % | 71.9 | % | 71.4 | % | 70.9 | % | |||||||||||||||||
Government | 7.7 | % | 7.8 | % | 7.9 | % | 8.3 | % | 8.6 | % | 8.6 | % | 8.8 | % | 9.1 | % | |||||||||||||||||
Large enterprise | 7.6 | % | 7.7 | % | 7.8 | % | 7.8 | % | 8.2 | % | 8.1 | % | 8.2 | % | 8.1 | % | |||||||||||||||||
Other | 6.0 | % | 6.2 | % | 6.4 | % | 6.6 | % | 6.8 | % | 7.0 | % | 7.1 | % | 7.3 | % | |||||||||||||||||
Total direct | 95.9 | % | 95.8 | % | 95.7 | % | 95.7 | % | 95.6 | % | 95.6 | % | 95.5 | % | 95.4 | % | |||||||||||||||||
Total indirect | 4.1 | % | 4.2 | % | 4.3 | % | 4.3 | % | 4.4 | % | 4.4 | % | 4.5 | % | 4.6 | % | |||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
(a) Slight variations in totals are due to rounding.
(b) Changes in
the classification of units in service are reflected in the quarter when
such changes are identified. Such changes are then appropriately
reflected in calculating the gross placement, gross disconnect and net
loss rates.
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SUPPLEMENTAL INFORMATION - DIRECT PAGING UNITS IN SERVICE AND | |||||||||||||||||||||||||||||||||||||||||
CELLULAR ACTIVATIONS (a) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
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For the three months ended | |||||||||||||||||||||||||||||||||||||||||
3/31/2015 |
12/31/2014 |
9/30/2014 |
6/30/2014 |
3/31/2014 |
12/31/2013 |
9/30/2013 |
6/30/2013 |
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Account size ending units in service (000's) | |||||||||||||||||||||||||||||||||||||||||
1 to 3 units | 33 | 35 | 37 | 39 | 41 | 43 | 45 | 47 | |||||||||||||||||||||||||||||||||
4 to 10 units | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 28 | |||||||||||||||||||||||||||||||||
11 to 50 units | 49 | 51 | 53 | 56 | 57 | 61 | 64 | 67 | |||||||||||||||||||||||||||||||||
51 to 100 units | 32 | 34 | 36 | 38 | 41 | 42 | 43 | 45 | |||||||||||||||||||||||||||||||||
101 to 1,000 units | 252 | 262 | 267 | 275 | 282 | 287 | 293 | 305 | |||||||||||||||||||||||||||||||||
>1,000 units | 794 | 801 | 805 | 812 | 824 | 857 | 874 | 888 | |||||||||||||||||||||||||||||||||
Total | 1,180 | 1,204 | 1,220 | 1,243 | 1,269 | 1,315 | 1,345 | 1,380 | |||||||||||||||||||||||||||||||||
End of period units in service % of total direct | |||||||||||||||||||||||||||||||||||||||||
1 to 3 units | 2.8 | % | 2.9 | % | 3.0 | % | 3.1 | % | 3.2 | % | 3.2 | % | 3.3 | % | 3.4 | % | |||||||||||||||||||||||||
4 to 10 units | 1.7 | % | 1.7 | % | 1.8 | % | 1.8 | % | 1.9 | % | 1.9 | % | 2.0 | % | 2.0 | % | |||||||||||||||||||||||||
11 to 50 units | 4.2 | % | 4.2 | % | 4.3 | % | 4.5 | % | 4.5 | % | 4.6 | % | 4.8 | % | 4.8 | % | |||||||||||||||||||||||||
51 to 100 units | 2.7 | % | 2.8 | % | 3.0 | % | 3.1 | % | 3.2 | % | 3.2 | % | 3.2 | % | 3.2 | % | |||||||||||||||||||||||||
101 to 1,000 units | 21.4 | % | 21.8 | % | 21.9 | % | 22.1 | % | 22.3 | % | 21.9 | % | 21.8 | % | 22.1 | % | |||||||||||||||||||||||||
>1,000 units | 67.2 | % | 66.6 | % | 66.0 | % | 65.4 | % | 64.9 | % | 65.2 | % | 64.9 | % | 64.5 | % | |||||||||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||
Account size net loss rate | |||||||||||||||||||||||||||||||||||||||||
1 to 3 units | (6.2 | )% | (4.4 | )% | (4.8 | )% | (4.1 | )% | (4.9 | )% | (4.4 | )% | (4.6 | )% | (5.1 | )% | |||||||||||||||||||||||||
4 to 10 units | (6.2 | )% | (5.5 | )% | (4.0 | )% | (5.4 | )% | (4.1 | )% | (3.8 | )% | (5.3 | )% | (5.3 | )% | |||||||||||||||||||||||||
11 to 50 units | (4.6 | )% | (3.8 | )% | (5.2 | )% | (3.2 | )% | (5.3 | )% | (4.4 | )% | (3.9 | )% | (6.4 | )% | |||||||||||||||||||||||||
51 to 100 units | (4.1 | )% | (5.4 | )% | (5.2 | )% | (8.7 | )% | (1.2 | )% | (3.5 | )% | (2.8 | )% | (5.3 | )% | |||||||||||||||||||||||||
101 to 1,000 units | (3.9 | )% | (2.0 | )% | (2.9 | )% | (2.5 | )% | (1.7 | )% | (1.7 | )% | (4.0 | )% | (5.0 | )% | |||||||||||||||||||||||||
>1,000 units | (0.8 | )% | (0.5 | )% | (1.0 | )% | (1.2 | )% | (4.0 | )% | (1.8 | )% | (1.7 | )% | 1.1 | % | |||||||||||||||||||||||||
Total | (2.0 | )% | (1.4 | )% | (1.9 | )% | (2.0 | )% | (3.5 | )% | (2.1 | )% | (2.5 | )% | (1.3 | )% | |||||||||||||||||||||||||
Account size ARPU | |||||||||||||||||||||||||||||||||||||||||
1 to 3 units | $ | 14.52 | $ | 14.53 | $ | 14.65 | $ | 14.86 | $ | 14.96 | $ | 14.98 | $ | 15.13 | $ | 15.12 | |||||||||||||||||||||||||
4 to 10 units | 14.07 | 14.09 | 14.04 | 14.12 | 14.22 | 14.29 | 14.38 | 14.29 | |||||||||||||||||||||||||||||||||
11 to 50 units | 12.02 | 12.00 | 11.95 | 12.00 | 12.07 | 11.96 | 12.06 | 11.96 | |||||||||||||||||||||||||||||||||
51 to 100 units | 10.26 | 10.15 | 10.16 | 10.18 | 10.27 | 10.34 | 10.66 | 10.42 | |||||||||||||||||||||||||||||||||
101 to 1,000 units | 8.81 | 8.79 | 8.69 | 8.58 | 8.76 | 8.89 | 8.85 | 8.84 | |||||||||||||||||||||||||||||||||
>1,000 units | 6.95 | 6.93 | 6.99 | 7.00 | 7.11 | 7.11 | 7.17 | 7.19 | |||||||||||||||||||||||||||||||||
Total | $ | 7.99 | $ | 8.00 | $ | 8.05 | $ | 8.06 | $ | 8.19 | $ | 8.23 | $ | 8.29 | $ | 8.33 | |||||||||||||||||||||||||
Cellular: | |||||||||||||||||||||||||||||||||||||||||
Number of activations | 92 | 264 | 2,198 | 1,679 | 281 | 690 | 970 | 799 | |||||||||||||||||||||||||||||||||
Revenue from cellular services (000's) | $ | 40 | $ | 77 | $ | 395 | $ | 278 | $ | 108 | $ | 129 | $ | 235 | $ | 163 | |||||||||||||||||||||||||
(a) Slight variations in totals are due to rounding. |
Bob.Lougee@spok.com
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