Spok Holdings Inc (SPOK) Reports Improved Net Income and Adjusted EBITDA in Q3 2023
Spok Holdings Inc (NASDAQ:SPOK) reported a net income of $4.5 million in Q3 2023, up from $2.9 million in the same period last year.
The company's adjusted EBITDA for Q3 2023 stood at $8.4 million, compared to $6.7 million in Q3 2022.
Software operations bookings for Q3 2023 totaled $6.3 million, a slight increase from $6.2 million in Q3 2022.
Spok Holdings Inc (NASDAQ:SPOK) increased its full year 2023 financial guidance following strong Q3 performance.
Spok Holdings Inc (NASDAQ:SPOK), a global leader in healthcare communications, released its earnings report for the third quarter ended September 30, 2023, on October 25, 2023. The company reported a significant improvement in net income and adjusted EBITDA, prompting an increase in its full year 2023 financial guidance.
Financial Performance
Spok Holdings Inc (NASDAQ:SPOK) generated a net income of $4.5 million, or $0.22 per diluted share, in the third quarter, compared to a net income of $2.9 million, or $0.15 per diluted share, in the prior year period. The company also generated $8.4 million of adjusted EBITDA in the third quarter, compared to $6.7 million in the third quarter of 2022.
Software operations bookings for the third quarter totaled $6.3 million, compared to $6.2 million in the third quarter of 2022. Through the first nine months of 2023, software operations bookings are up more than 38% from the same period in 2022.
Company Commentary
CEO Vincent D. Kelly commented on the company's performance, stating:
I am very proud of the strong performance our team was able to deliver in the third quarter, as we continue to execute ahead of plan in growing revenue and generating cash flow, while returning capital to stockholders."
Kelly also expressed optimism about the company's future, stating:
We look forward to a successful conclusion to the year and believe our extensive experience operating our established communication solutions will create significant value for stockholders."
Financial Outlook
Based on the company's performance in the third quarter, Spok Holdings Inc (NASDAQ:SPOK) has increased its full year 2023 guidance estimates for revenue and adjusted EBITDA generation. The company believes it is on track to grow consolidated revenue for 2023, on a year-over-year basis, for the first time in the Company's history.
Explore the complete 8-K earnings release (here) from Spok Holdings Inc for further details.
This article first appeared on GuruFocus.
