Spok Holdings Inc (SPOK) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Spark Holdings First Quarter 2024 earnings conference call. At this time, all participants are in a listen only mode, a brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad. As a reminder, this conference is being recorded and it is now my pleasure to introduce your host, Al Galgano. Please go ahead.

您好，歡迎參加 Spark Holdings 2024 年第一季財報電話會議。此時，所有參與者都處於僅聽模式，正式演示之後將進行簡短的問答環節。如果有人在會議期間需要接線員協助，請按電話鍵盤上的星號和零。提醒一下，本次會議正在錄製中，現在我很高興介紹你們的主持人阿爾·加爾加諾 (Al Galgano)。請繼續。

Hello, everyone, and welcome to Spok Holdings First Quarter 2020 for our earnings call. I am joined today by Vince Kelly, Chief Executive Officer, Mike Wallace, President of Spok Inc. and Chief Operating Officer, and Calvin Rice, Chief Financial Officer.

大家好，歡迎參加 Spok Holdings 2020 年第一季的財報電話會議。今天與我一起出席的還有執行長文斯凱利(Vince Kelly)、Spok Inc. 總裁兼營運長麥克華萊士(Mike Wallace) 以及財務長卡爾文萊斯(Calvin Rice) 。

I want to remind everyone that today's conference call may include forward-looking statements that are subject to risks and uncertainties relating to Spok's future financial and business performance. Such statements may include estimates of revenue, expenses and fee income as well as other predictive statements or plans which are dependent upon future events or conditions. These statements represent the Company's estimates only on the date of this conference call and are not intended to give any assurance as to actual future results. Spok's actual results could differ materially from those anticipated in these forward-looking statements. Although these statements are based upon assumptions that the Company believes to be reasonable, they are subject to risks and uncertainties. Please review the Risk Factors section related to our operations and the business environment, which are contained on our first quarter 2024 form 10 Q and related documents filed with the Securities and Exchange Commission. Please note that Spok assumes no obligation to update any forward-looking statements from past or present filings and conference calls. With that, I will turn the call over to Vince Kelly.

我想提醒大家，今天的電話會議可能包含前瞻性陳述，這些陳述受到與 Spok 未來財務和業務表現相關的風險和不確定性的影響。此類報表可能包括對收入、支出和費用收入的估計，以及取決於未來事件或條件的其他預測報表或計劃。這些陳述僅代表公司在本次電話會議當天的估計，並不旨在對未來的實際結果提供任何保證。Spok 的實際結果可能與這些前瞻性陳述中的預期有重大差異。儘管這些陳述是基於公司認為合理的假設，但它們仍面臨風險和不確定性。請查看與我們的營運和商業環境相關的風險因素部分，該部分包含在我們向美國證券交易委員會提交的 2024 年第一季 10 Q 表和相關文件中。請注意，Spok 不承擔更新過去或現在的文件和電話會議中的任何前瞻性聲明的義務。這樣，我會將電話轉給文斯凱利。

Vince?

文斯？

Thank you, and good afternoon, everyone. Thank you for joining us for our first quarter 2024 earnings call. I'm very proud of the strong performance our team was able to deliver in the first quarter, and I believe these results position us well for the remainder of the year. We've gotten off to a great start and we are maintaining that momentum.

謝謝大家，大家下午好。感謝您參加我們的 2024 年第一季財報電話會議。我對我們團隊在第一季的強勁表現感到非常自豪，我相信這些結果使我們在今年剩餘時間內處於有利地位。我們已經有了一個良好的開端，並且我們正在保持這種勢頭。

Let me also take this opportunity right upfront to remind everyone that our mission remains solidly unchanged that is to generate cash and return capital to shareholders over the long term, while responsibly investing in and growing our business. And as we've demonstrated with our performance over these last two years, we believe we are on a sustainable path to doing so that our cash flow is on a path to grow into our current dividend level and cover it in full on an annual basis. That's our job and our primary focus, returning capital to shareholders is our legacy, and we feel good about executing a strategy we believe in and that we have had a lot of historical success with Today, we'll share with you an update on how our strategic business plan is progressing in support of this goal as well as our financial results for the quarter.

讓我也藉此機會提醒大家，我們的使命始終沒有改變，即長期創造現金並向股東返還資本，同時負責任地投資和發展我們的業務。正如我們過去兩年的業績所證明的那樣，我們相信我們正走在一條可持續的道路上，這樣我們的現金流就能增長到我們目前的股息水平，並每年全額覆蓋它。這是我們的工作，也是我們的首要關注點，向股東返還資本是我們的傳統，我們對執行我們所相信的戰略感到滿意，並且我們已經取得了很多歷史性的成功。分享有關如何執行的最新資訊我們的策略業務計劃正在取得進展，以支持這一目標以及本季度的財務業績。

I'll start by reviewing the agenda for today's call. The order is going to be as follows who will begin by providing a review of our Company performance for the quarter. I'll then turn the call over to Michael Wallace, our President and Chief Operating Officer, to review some of our quarterly sales highlights, then our Chief Financial Officer, Calvin Rice will review our first quarter financial highlights and financial guidance for 2024. I'll then wrap up the call and open it up for your questions.

我先回顧一下今天電話會議的議程。命令如下，首先對我們公司本季的業績進行審查。然後我會將電話轉給我們的總裁兼營運長 Michael Wallace，回顧我們的一些季度銷售亮點，然後我們的財務長 Calvin Rice 將回顧我們第一季的財務亮點和 2024 年的財務指導。然後我將結束通話並開始回答您的問題。

As I said upfront, we're proud of what the Spok team has been able to accomplish in the first quarter and believe our results provide a solid springboard for the year ahead.

正如我之前所說，我們對 Spok 團隊在第一季的成就感到自豪，並相信我們的表現為未來一年提供了堅實的跳板。

First quarter highlights include a more than 5% year-over-year growth in total revenues, driven by a more than 15% growth in software revenues. Strong year-over-year increases in net income and adjusted EBITDA levels, a 39% year-over-year increase in software operations bookings Spok's second highest first quarter bookings level in our history year over year. Growth in all categories of software revenue including maintenance license, professional services and hardware improved wireless trends as net unit churn again dropped below 2% from the prior quarter. Continued expansion of our wireless average revenue per unit further reflecting the impact of prior pricing actions and sales of our encrypted compliant alphanumeric, GNA pager, and we were able to accomplish all of this while continuing to invest in our products and infrastructure ensured, I believe Spok is doing an excellent job of balancing our goal of returning cash to our stockholders with those investments in order to fuel future growth in the first quarter of 2024, we generated over 7.5 million of adjusted EBITDA, which more than covered the $6.3 million we've returned to our stockholders However, at the same time, we increased our first quarter research and development investment in our products by 0.5 million or 18.4% on a year-over-year basis. And believe we're on track to invest approximately 11 million in product research and development expenses in 2024. We believe this investment will fuel future software revenue growth and our extensive experience, selling and operating our established communications solutions will create significant value for stockholders by maximizing revenue and cash flow generation. As I mentioned, Spok has a proud legacy of creating stockholder value through free cash flow generation. And we intend to continue this track record in fact, over the last 20 years because we turned a total of more than 680 million to our stockholders through our regular quarterly dividend, special dividends or share repurchases. When you take into consideration our current cash balance, distributions to stockholders, share repurchases, debt repayments and acquisitions. Since our inception, Spok has generated over 1 billion of free cash flow. Our focus on maximizing cash over the long term supports the four major tenants of our strategy. Those are number one, continued investment in our wireless and software solutions. Number two, growing our revenue base. Number three, continued disciplined expense management and number four, a stockholder friendly capital allocation plan going forward, we believe our extensive experience, selling and operating our established communication solutions and world-class customer base will create significant value for stockholders through solid revenue growth, disciplined expense management and further cash flow generation.

第一季的亮點包括在軟體收入成長超過 15% 的推動下，總營收年增超過 5%。淨利潤和調整後 EBITDA 水準較去年同期強勁成長，軟體營運預訂量較去年同期成長 39%，Spok 第一季預訂量較去年同期創下史上第二高。包括維護許可、專業服務和硬體在內的所有類別軟體收入的成長改善了無線趨勢，淨單位流失率再次低於上一季的 2%。我們的每單位無線平均收入的持續成長進一步反映了先前的定價行動和我們的加密合規字母數位GNA 尋呼機銷售的影響，我相信我們能夠在繼續投資於我們的產品和基礎設施的同時實現所有這些目標Spok 在平衡向股東返還現金與這些投資的目標方面做得非常出色，以推動 2024 年第一季的未來成長，我們產生了超過 750 萬的調整後 EBITDA，這超出了我們的 630 萬美元。回報股東的同時，我們第一季的產品研發投入年增了50萬，成長18.4%。相信我們預計在 2024 年投資約 1,100 萬美元用於產品研發費用。我們相信這項投資將推動未來軟體收入的成長，而我們在銷售和營運現有通訊解決方案方面的豐富經驗將透過最大化收入和現金流生成為股東創造巨大價值。正如我所提到的，Spok 擁有透過自由現金流創造股東價值的光榮傳統。事實上，我們打算在過去 20 年裡繼續保持這一記錄，因為我們透過定期季度股息、特別股息或股票回購總共向股東帶來了超過 6.8 億美元的收益。當你考慮到我們目前的現金餘額、股東分配、股票回購、債務償還和收購。自成立以來，Spok 已產生超過 10 億美元的自由現金流。我們對長期現金最大化的關注支持了我們策略的四大租戶。這些是我們對無線和軟體解決方案的第一持續投資。第二，擴大我們的收入基礎。第三，持續嚴格的費用管理，第四，未來股東友好的資本分配計劃，我們相信，我們豐富的經驗、銷售和運營我們既定的通信解決方案以及世界一流的客戶群將通過穩健的收入增長為股東創造巨大的價值，嚴格的費用管理和進一步的現金流產生。

Before I turn the call over to Mike, let me take a moment to review what I think is a tremendous recognition that we received right at the end of the first quarter and a major accomplishment by the entire Spok team for the seventh consecutive year in a survey of healthcare industry clients by Black Book market research on top rated clinical communications platforms. Spok received the number one overall survey ranks. We're honored by the unwavering trust our healthcare clients have placed in Spok as their go-to partner for clinical communications. The achievement of securing the top position for seven consecutive years underscores our commitment to delivering critical communication technology that enhances hospital and health system communication, which ultimately enhances patient care and safety net survey spoke, we see the highest honors for customer satisfaction in 12 of the 18 copyright and key performance indicators. Black Book research measures, including strategic alignment of client goals, innovation, breadth of offerings, account management support and customer care and best-of-breed technology and process improvement. We're particularly honored by this recognition because the research is truly independent. And unlike other rating programs, no participation or subscriber fees are involved. We believe an honor such as these are indicative of the strong industry reputation that we have dealt with that, I'll turn the call over to Michael Wallace.

在我把電話轉給 Mike 之前，讓我花點時間回顧一下我認為我們在第一季末獲得的巨大認可，以及整個 Spok 團隊連續第七年取得的重大成就。 Book 市場研究對醫療保健產業客戶進行調查。Spok 在總體調查中排名第一。我們的醫療保健客戶對 Spok 作為臨床溝通的首選合作夥伴給予我們堅定不移的信任，對此我們深感榮幸。連續七年獲得最高位置的成就突顯了我們對提供關鍵通信技術的承諾，這些技術可增強醫院和衛生系統的通信，最終增強患者護理和安全網調查發言，我們在12 個項目中獲得了客戶滿意度最高榮譽18項版權和關鍵績效指標。黑皮書研究措施，包括客戶目標的策略調整、創新、產品廣度、客戶管理支援和客戶關懷以及最佳技術和流程改進。我們對這項認可感到特別榮幸，因為這項研究是真正獨立的。與其他評級計劃不同的是，它不涉及參與費或訂戶費。我們相信，諸如此類的榮譽表明了我們所享有的強大行業聲譽，我會將電話轉給邁克爾華萊士。

Mike?

麥克風？

Thanks, Vince, and thank you, everyone, for joining us this afternoon. As Vince pointed out, it was a very strong quarter and we made tremendous progress in a number of key performance areas. Yet amidst all the progress in creating a solid financial platform and shareholder-friendly capital allocation strategy. We remain true to our mission of being a global leader in healthcare communications. We deliver clinical information to care teams when and where it matters most to improve patient outcomes as Spok enables smarter, faster clinical communications to our customers we have over 22 hundred health care facilities as customers representing the who's who of hospitals in the United States. We have built our solutions over many years and have long-standing valuable customer relationships. This is coupled with the financial strength that over 80% of our revenue is reoccurring in nature. And we are a company with no debt, which provides us significant flexibility in the first quarter of our 7.9 billion of software operations. Bookings included 19 six-figure customer contracts sustaining the momentum that we saw last year. Most impressively that included four multi-year engagements, and those six figure contracts had an average contract size that was up nearly 40% from the prior quarter. We are extremely pleased with the start to 2024.

謝謝文斯，也謝謝大家今天下午加入我們。正如文斯所指出的那樣，這是一個非常強勁的季度，我們在許多關鍵績效領域取得了巨大進步。然而，在創建堅實的金融平台和股東友好的資本配置策略方面取得了所有進展。我們始終恪守成為醫療保健傳播領域全球領導者的使命。我們在最重要的時間和地點向護理團隊提供臨床訊息，以改善患者的治療效果，因為Spok 能夠與我們的客戶進行更智慧、更快速的臨床通訊。美國醫院名錄的客戶。我們多年來建立了解決方案，並擁有長期寶貴的客戶關係。再加上我們 80% 以上的收入本質上是重複產生的財務實力。我們是一家沒有債務的公司，這為我們在第一季 79 億軟體業務中提供了巨大的靈活性。預訂量包括 19 份六位數的客戶合同，維持了我們去年看到的勢頭。最令人印象深刻的是，其中包括四份多年期合同，而這些六位數合約的平均合約規模比上一季增長了近 40%。我們對 2024 年的開局感到非常滿意。

Let me take a few minutes to highlight a few of the customer engagements that we signed last quarter. First Health system serves more than 1.4 million patients and 200,000 health plan members covering an extensive area of 250,000 square miles. This rural health organization sends over 120,000 messages and handles more than 3,000 codes per month using Spok solutions. This through this multiyear commitment, they benefit from three years of steady budgeting upgrades, a new test system value added services and the flexibility to adopt upgrades as required for CTI. dependencies and desired feature functionality enhancements.

讓我花幾分鐘時間重點介紹一下我們上個季度簽署的一些客戶合作專案。First Health 系統為超過 140 萬名患者和 20 萬名健康計畫會員提供服務，覆蓋面積達 25 萬平方英里。該農村衛生組織使用 Spok 解決方案每月發送超過 120,000 條訊息並處理超過 3,000 個代碼。透過這項多年承諾，他們受益於三年穩定的預算升級、新的測試系統增值服務以及根據 CTI 要求採用升級的靈活性。依賴性和所需的功能增強。

Next, we secured another contract with a customer who has been with Spok for almost 20 years. This customer operates across six hospitals with a workforce exceeding 10,000 employees. They use the Spok Care Connect platform to initiate nearly 400,000 homes annually dispatching approximately 6 million messages or pages and oversees nearly 3,000 on-call groups per year. Our multiyear engagement with this health system include spoke, smart suite upgrades spoke Smarts. We console licenses, you notify Messenger and Spok Mobile usage for the organization, 7,000 licenses as an existing Spok customer. The health system also opted for to value added services, data integrity and workflow analysis, which will help our partner derive maximum value from their Spok solutions.

接下來，我們與一位與 Spok 合作近 20 年的客戶簽訂了另一份合約。該客戶在六家醫院開展業務，員工人數超過 10,000 人。他們使用 Spok Care Connect 平台每年啟動近 40 萬個家庭，發送約 600 萬條訊息或尋呼，並每年監督近 3,000 個待命小組。我們與該醫療系統的多年合作包括輻條、智慧套件升級、輻條智慧。我們控制台許可證，您通知組織的 Messenger 和 Spok Mobile 使用情況，作為現有 Spok 客戶的 7,000 個許可證。衛生系統還選擇了增值服務、資料完整性和工作流程分析，這將幫助我們的合作夥伴從他們的 Spok 解決方案中獲得最大價值。

Another another customer contract is with a long-standing spoke partner of over 20 years to support their clinical communication needs across the organizations growing enterprise. This health system covers about 80 specialties to more than 100,000 hospitalized patients, nearly 370,000 emergency room cases and oversees approximately 3 million outpatient visits per year as a Spok console client. This multiyear engagement encompasses extensive use of the Spok Care Connect platform, including Spok console lead directory, Spok Mobile encrypted paging messenger Y notify and EHRADT. integration with Epic, which will expand to a new state of the art facility opening next year. Additionally, this agreement includes two of our value added services. And last, we executed a strategic three year agreement focusing on the expansion and optimization of a customer Spok Care Connect environment, their flagship hospital has over 24,000 employees staffing more than 1,400 beds. Our partnership includes medical console upgrades, the expansion of the health systems, all in one device initiative powered by Spok Mobile to a total of 2000 users and our AI-powered interactive voice response system, Spok voice Connect. In addition, this customer also opted for various value added services to help them drive maximum maximum value from our solution.

另一份客戶合約是與 20 多年的長期合作夥伴簽訂的，以支持他們在成長型企業組織中的臨床溝通需求。該醫療系統涵蓋約 80 個專科、超過 100,000 名住院患者、近 370,000 個急診室病例，並作為 Spok 控制台客戶端每年管理約 300 萬門診患者。這項多年合作涵蓋了 Spok Care Connect 平台的廣泛使用，包括 Spok 控制台主目錄、Spok Mobile 加密尋呼信使 Y 通知和 EHRADT。與 Epic 整合，Epic 將擴建為明年開幕的全新先進設施。此外，該協議還包括我們的兩項加值服務。最後，我們執行了一項為期三年的策略協議，重點是擴展和優化客戶 Spok Care Connect 環境，他們的旗艦醫院擁有超過 24,000 名員工，擁有 1,400 多張床位。我們的合作關係包括醫療控制台升級、醫療系統擴展、Spok Mobile 為總共 2000 名用戶提供支援的一體化設備計劃以及我們的人工智慧驅動的交互式語音應答系統 Spok voice Connect。此外，該客戶還選擇了各種加值服務，以幫助他們從我們的解決方案中獲得最大價值。

On a final note, I would also like to highlight our successful participation in the Hindi 24 conference in March. There we showcased our top-rated clinical communication platform. Spok solution experts also demonstrated the power of the new Spok Care Connect hosted solution and the new reporting dashboards and user capabilities of Spok Messenger. We have an attractive business. More than 10,000 health care leaders from around the globe were very pleased with the customer prospect and partner meetings we participated in at this year's conference events such as these are critical to our success as they provide a referral source for further growth to our sales pipeline.

最後，我還想強調我們成功參加了 3 月的 Hindi 24 會議。在那裡，我們展示了我們最受好評的臨床交流平台。Spok 解決方案專家也展示了新的 Spok Care Connect 託管解決方案的強大功能以及 Spok Messenger 的新報告儀表板和使用者功能。我們有一個有吸引力的業務。來自全球各地的10,000 多名醫療保健領導者對我們在今年的會議活動中參加的潛在客戶和合作夥伴會議感到非常滿意，這些會議對我們的成功至關重要，因為它們為我們的銷售管道的進一步成長提供了推薦來源。

And I will now turn the call over to Calvin rice our Chief Financial Officer, to briefly review the first quarter financial performance. Gavin?

現在我將把電話轉給我們的財務長卡爾文·賴斯，簡要回顧第一季的財務表現。加文？

Thanks, Mike, and good afternoon, everyone. And I would now like to take a few minutes and provide a recap of our first quarter 2024 financial performance, which we reported today. I encourage you to review our 10 Q filed as it includes significantly more information about our business operations and financial performance than we will cover on this call.

謝謝麥克，大家下午好。現在，我想花幾分鐘時間回顧我們今天報告的 2024 年第一季的財務表現。我鼓勵您查看我們提交的 10 Q，因為它包含的有關我們業務運營和財務業績的資訊比我們在本次電話會議中涵蓋的資訊要多得多。

Turning to our income statement, in the first quarter of 2024, GAAP net income totaled $4.2 million or $0.21 per diluted share compared to net income of 3.1 million or $0.15 per diluted share in 2023. For the first quarter of 2020. For total GAAP revenue was $34.9 million, up from prior quarter revenue of $34 million and compared to revenue of $33.2 million in the first quarter of 2023. Revenue for the quarter consisted of wireless revenue of $18.6 million, which was down 2.3% from the prior year and software revenue of 16.3 million, up 15.3% from last year.

轉向我們的損益表，2024 年第一季度，GAAP 淨利潤總計 420 萬美元，即稀釋後每股收益 0.21 美元，而 2023 年淨利潤為 310 萬美元，即稀釋後每股收益 0.15 美元。2020 年第一季。GAAP 總營收為 3,490 萬美元，高於上一季營收 3,400 萬美元，而 2023 年第一季營收為 3,320 萬美元。該季度的營收包括無線收入 1,860 萬美元，比去年同期下降 2.3%，軟體收入 1,630 萬美元，比去年同期成長 15.3%。

With respect to wireless revenue, we saw improvement in quarterly net unit churn at 1.6% in the first quarter, down from 2.5% in the prior quarter and a $0.3 increase in RPU or 4% from the prior year. The increase in RPU was primarily driven by the success of our pricing actions undertaken in late 2023 and to a lesser extent, continued sales of our new Gen eight pager. While we believe the demand for our wireless services will continue to decline on a secular basis, as reflected in our declining pager units in service, we are hopeful that our focus on pricing and other initiatives like the G&A pager will continue to further offset revenue lost through pager unit decline.

就無線收入而言，我們看到第一季的季度淨單位流失率改善為 1.6%，低於上一季的 2.5%，RPU 增加了 0.3 美元，比去年增加了 4%。RPU 的成長主要是由於我們在 2023 年底採取的定價行動的成功以及我們新型第八代尋呼機的持續銷售所推動的。雖然我們相信，從長期來看，對我們無線服務的需求將繼續下降，正如我們服務中尋呼機數量的下降所反映的那樣，但我們希望我們對定價和G&A 尋呼機等其他舉措的關注將繼續進一步抵消收入損失透過尋呼機單位的下降。

Turning to first quarter software revenue maintenance revenue totaled $9.3 million and was up from the prior year quarter by approximately 3.8%. Given the nature of maintenance revenue, higher license sales will work through revenue on a lagging basis, and we are beginning to see the positive impact on maintenance revenue from software operations bookings levels over the past several quarters.

就第一季軟體收入而言，維護收入總計 930 萬美元，比去年同期成長約 3.8%。考慮到維護收入的性質，許可證銷售的增加將在滯後的基礎上影響收入，我們開始看到過去幾個季度軟體營運預訂水準對維護收入的積極影響。

Professional services revenue was a healthy 4 million versus $3.2 million in the first quarter of 2023. Much of this was driven by an increase in personnel in the second half of 2023 and continuing into the first quarter with 16 additional hires over the last nine months. As software operations bookings continue to expand, we expect an ongoing need to increase services personnel to maintain pace with our growth in the professional services backlog, we generally expect new personnel to be fully billable and roughly three months from the time they are hired. So there's some margin impact in the very short term, but nothing that would present a meaningful impact on a calendar year basis.

專業服務收入穩定在 400 萬美元，而 2023 年第一季為 320 萬美元。其中很大一部分原因是 2023 年下半年人員增加，並持續到第一季度，過去 9 個月新增了 16 名員工。隨著軟體營運預訂量的不斷擴大，我們預計將持續需要增加服務人員，以跟上我們專業服務積壓的成長步伐，我們通常預計新人員將在受聘後約三個月內全額計費。因此，短期內會對利潤率產生一些影響，但不會對日曆年產生有意義的影響。

License and hardware revenue totaled $3 million, up from $2 million in the same period of 2023. Again, this results from the strong levels of software operations bookings. We continue to see first quarter adjusted operating expenses, which excludes depreciation accretion and severance and restructuring costs totaled $28.5 million in the first quarter compared to $27.2 million in the prior year period. While year over year, expenses were up $1.3 million. Nearly half of the increase was due to about $0.6 million increase in Spok's cost of revenue, primarily due to the aforementioned hiring and services and directly related to the $2.2 million increase in software revenue. The remainder was driven by increased investment in our software products through research and development as well as selling and marketing. Adjusted EBITDA totaled $7.5 million, a 9.2% increase from adjusted EBITDA in the same quarter of 2023, a reflection of our strong top line results to begin the year.

授權和硬體收入總計 300 萬美元，高於 2023 年同期的 200 萬美元。同樣，這是軟體營運預訂量強勁的結果。我們繼續看到，第一季調整後的營運支出（不包括折舊增加、遣散費和重組成本）總計為 2,850 萬美元，而去年同期為 2,720 萬美元。與去年同期相比，費用增加了 130 萬美元。近一半的成長是由於 Spok 的收入成本增加了約 60 萬美元，這主要是由於上述招募和服務，並且與軟體收入增加 220 萬美元直接相關。其餘部分是透過研發以及銷售和行銷增加對軟體產品的投資所推動的。調整後 EBITDA 總計 750 萬美元，比 2023 年同一季度調整後 EBITDA 成長 9.2%，反映了我們年初強勁的營收業績。

I'd also like to address our cash balances, which were just over $23 million at the end of the first quarter. As we have mentioned in the past, cash disbursements in the first quarter are traditionally the peak of what we experienced in a given calendar year and this quarter was no different. Based on our current outlook, we fully expect to exit 2024 with cash balances substantially higher than where we ended the first quarter on a final note, as you've probably already seen in today's press release, based on our performance in the first quarter, we are reiterating our financial guidance for 2024 this year. We expect total revenue to range from 136 million to $144 million, with wireless revenue ranging between 72 million to 75 million and software revenue ranging between 64 to $69 million and adjusted EBITDA to range from 27.5 million to $32.5 million with that said, I will now turn the call back over to Vince.

我還想談談我們的現金餘額，第一季末現金餘額剛好超過 2300 萬美元。正如我們過去提到的，第一季的現金支出傳統上是我們在給定日曆年中經歷的峰值，本季也不例外。根據我們目前的展望，我們完全預計到2024 年，現金餘額將大大高於我們第一季結束時的水平，正如您可能已經在今天的新聞稿中看到的那樣，基於我們第一季的業績，我們今年重申 2024 年的財務指引。我們預計總收入將在1.36 億至1.44 億美元之間，其中無線收入將在7,200 萬至7,500 萬美元之間，軟體收入將在6,400 至6,900 萬美元之間，調整後的EBITDA 將在2,750 萬至3250 萬美元之間，也就是說，我現在將將電話轉回給文斯。

Thank you very much, Carlos. And before I open the call up to your questions, I'd like to again point out how proud I am of the strong performance our team was able to deliver in the first quarter and believe these results position us well for the remainder of the year. We believe we're in a great spot to grow our franchise while growing while returning capital to our shareholders. We have a long-term organic growth engine in our software solutions through Spok Care Connect, and we maintain a source of strong recurring revenue in our wireless service line. We run the largest paging offering in the world, integrated with our software operations, and we have enhanced our paging platform and user devices to serve our core healthcare customer base. We believe with these two assets going for us, our best financial results are ahead of us and Spok's future is bright. We appreciate your support and interest in Spok, and we look forward to updating everyone again next quarter when we report second quarter results in July.

非常感謝你，卡洛斯。在開始回答大家的問題之前，我想再次指出，我對我們團隊在第一季取得的強勁表現感到非常自豪，並相信這些結果使我們在今年剩餘時間處於有利地位。我們相信，我們處於一個很好的位置，可以在發展我們的特許經營權的同時，向股東返還資本。透過 Spok Care Connect，我們的軟體解決方案擁有長期的有機成長引擎，並且我們的無線服務系列保持著強勁的經常性收入來源。我們運行世界上最大的尋呼產品，與我們的軟體營運集成，並且我們增強了尋呼平台和用戶設備，以服務我們的核心醫療保健客戶群。我們相信，有了這兩項資產，我們將迎來最好的財務業績，Spok 的未來也是光明的。我們感謝您對 Spok 的支持和興趣，我們期待在下個季度在 7 月報告第二季業績時再次向大家通報最新情況。

Thank you very much for joining us and have a great day. Operator, you may now open the call for questions.

非常感謝您加入我們並祝您有個愉快的一天。接線員，您現在可以發起提問。

I can. Ladies and gentlemen, we will now be conducting a question and answer session. If you would like to ask a question, please press star and one on your telephone keypad. A confirmation tone will indicate your line in the question queue. You may press star and two. If you'd like to remove your question from the queue For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

我可以。女士們、先生們，我們現在將進行問答環節。如果您想提問，請按電話鍵盤上的星號和一。確認音將指示您在問題佇列中的行。您可以按星號和二號。如果您想從佇列中刪除您的問題 對於使用揚聲器裝置的參與者，可能需要在按星號鍵之前拿起聽筒。

Ladies and gentlemen, we will wait for a moment while we poll four questions. Our first question is from the line of Eric Martinuzzi with Lake Street Capital. Please go ahead.

女士們先生們，我們將稍等片刻，我們將投票四個問題。我們的第一個問題來自 Lake Street Capital 的 Eric Martinuzzi。請繼續。

Congratulations on the successful start to the year. I wanted to just start the questions with the what jumped off the page for me was your software bookings number that 39% growth. I think I know it's wrong to get too excited in any given quarter, but certainly having that 7.9 million number that was, as you said, I think the second highest quarter, the second highest Q1 in the Company's history. So just are we still kind of like to take it back out to a full year view Are we still looking for double digit growth on a full year basis for the software bookings?

祝賀今年取得成功。我想從頁面上跳出來的問題開始：你們的軟體預訂數量增加了 39%。我想我知道在任何特定季度都過於興奮是錯誤的，但正如您所說，790 萬的數字肯定是第二高的季度，是公司歷史上第二高的第一季。那麼，我們是否仍然希望將其帶回全年視圖，我們是否仍在尋求軟體預訂的全年兩位數增長？

That would be yes.

是的。

And it's okay to get a little bit excited, Eric?

有點興奮沒關係，埃里克？

Yes, as far as the pipeline goes there, was this just kind of we had a confluence of large deals coming in or is there something else behind it?

是的，就管道走向那裡而言，這只是我們有大量交易的匯合，還是背後有其他原因？

The pipeline continues to grow one of the things that's really happened to helping us this year is we've put a lot of investment and time now since the pivot into our roadmap, and we've been giving previews of our roadmap and the functionality that we're adding to our solutions to our customers and they're buying it. And our sales team is knocking the cover off the ball right now had a fantastic first quarter and April was phenomenal, right? So I never know what May and June and the rest of the year are going to bring. But we've gotten off to the first four months is incredibly strong compared to the first four months last year. Now having said that, you'll recall that in the second quarter last year, we had one big gigantic colossal, $5 million deal, which really bumped the second quarter numbers way up. And so yes, I yes, we could always get another one as big whales. We did pull a pretty good-sized well into April. But yes, right now, just be honest, don't have a 5 million or one single deal in the target in the crosshairs right now.

管道繼續增長，今年真正對我們有幫助的事情之一是，自從轉向我們的路線圖以來，我們已經投入了大量的投資和時間，並且我們一直在提供路線圖和功能的預覽。添加我們的解決方案，他們正在購買它。我們的銷售團隊現在正在努力實現第一季的出色表現，四月份的表現也非常出色，對吧？所以我永遠不知道五月和六月以及今年剩下的時間會帶來什麼。但與去年的前四個月相比，我們的前四個月表現非常強勁。話雖如此，你會記得去年第二季度，我們達成了一筆價值 500 萬美元的巨額交易，這確實使第二季度的數字大幅上升。所以是的，是的，我們總是可以得到另一條大鯨魚。我們確實在四月打了一口相當大的井。但是，是的，現在，老實說，目前目標中還沒有 500 萬美元或一筆交易。

But I think we're going to end up having a pretty darn good second quarter as well.

但我認為我們最終也會有一個非常好的第二季。

Hey, Eric, it's Mike. I guess I would add one little piece of color to that, Tom, the first quarter was really positive in the area of we actually didn't have one of those really big deals on. We had 19 six-figure deals and the highest deal was in those 19 was about six or 700,000. So we are hitting a lot of singles and doubles and triples, if you will, which I think portends for good things the rest of the years, we're just we're doing the basics really, really well.

嘿，艾瑞克，我是麥克。我想我會為此添加一點色彩，湯姆，第一季在我們實際上沒有達成任何重大交易方面非常積極。我們有 19 筆六位數的交易，這 19 筆交易中最高的交易金額約為 6 或 700,000 筆。所以我們打了很多單打、雙打和三打，如果你願意的話，我認為這預示著接下來幾年會發生好事，我們只是把基礎知識做得非常非常好。

Okay.

好的。

You noted in the press release the investment with slight incremental R&D dollars being spent where are we pointing those as far as this is going to the contact center? Is there an element that's going into the wireless product?

您在新聞稿中指出，隨著研發資金的增加，我們將把這些投資用於聯絡中心的哪些方面？無線產品中是否包含某種元素？

What's the incremental lift on primarily going to our operator console and also our alerting solution, which we call Messenger, which is does kind of clinical learning out there. But it's a lot to do with the operator console and bring new functionality to it.

主要進入我們的操作員控制台和我們的警報解決方案（我們稱之為 Messenger）的增量提升是什麼，它在那裡進行臨床學習。但這與操作員控制台有很大關係，並為其帶來了新功能。

Okay. I assume this is a feedback from customers and just working through a punch list.

好的。我認為這是來自客戶的回饋，只是通過了一份清單。

Absolutely.

絕對地。

Okay.

好的。

All right.

好的。

And then the or the cash as Kevin mentioned you talked about it stepping down here in Q. one Q. one always being seasonally more challenging based on the outlook that you've got for the year on my model I had the roughly midpoint adjusted EBITDA of 30 million converting into around $26 million of free cash flow. Is that still in the ballpark for what you would expect on a full year basis, yet the actuaries are said.

然後是凱文提到的現金，您在第一季談到了它的退出。 3000 萬美元轉化為約2600 萬美元的自由現金流。但精算師表示，這仍然符合您對全年的預期嗎？

All right.

好的。

And then last question, you talked about the churn being down here in Q. one.

最後一個問題，您在第一個問題中談到了流失情況。

That's great to see. I know, on a trailing 12 month basis, it's really more how you like to look at it, and it was around a little over 7% or for the 12 month period ending Q1, what do you what is that expectation in the full year outlook? What's the expectation for the full year churn?

很高興看到這一點。我知道，在過去 12 個月的基礎上，這實際上更重要的是你如何看待它，大約是 7% 多一點，即截至第一季的 12 個月期間，你對全年的預期是多少外表？對全年客戶流失的預期是什麼？

Yes, I would say that our expectations consistent with what we've been saying we saw that drop quite significantly in the first quarter. I can tell you here for the 1st month of the second quarter that we are very pleased with those results, and I wouldn't expect it to drop from what we saw in Q1. So still in line with what we've been saying, I expect that kind of return to the mean in the four to five kind of percent range on annualized basis.

是的，我想說，我們的預期與我們所說的一致，我們看到第一季的預期大幅下降。我可以在這裡告訴您，我們對第二季度第一個月的結果非常滿意，我預計它不會比第一季的結果下降。因此，仍然符合我們所說的，我預計年化成長率將恢復到四到五個百分比範圍內的平均值。

Got it.

知道了。

All right.

好的。

Well, congrats and good luck the rest of the year.

好吧，恭喜你，祝你今年剩下的時間一切順利。

Thank you very much, sir.

先生非常感謝您。

Thank you. Ladies and gentlemen, a reminder, if you wish to ask a question, please press star and why as there are no further questions, I would now hand the conference over to Mr. Kelly for his closing comments.

謝謝。女士們先生們，提醒一下，如果您想提出問題，請按星號和原因，因為沒有其他問題了，我現在將會議交給凱利先生進行總結評論。

Okay, everyone, thank you very much for your support and for joining us this evening. And it does conclude today's teleconference. We look forward to speaking with you in July when we report our second quarter numbers and one Have a nice evening.

好的，各位，非常感謝你們的支持以及今晚加入我們。今天的電話會議確實結束了。我們期待在 7 月報告第二季數據時與您交談，並祝您度過一個愉快的夜晚。