Spok (SPOK) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-32358
Entity Registrant Name	SPOK HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1694797
Entity Address, Address Line One	5911 Kingstowne Village Pkwy, 6th Floor
Entity Address, City or Town	Alexandria,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22315
City Area Code	800
Local Phone Number	611-8488
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	SPOK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,245,682
Entity Central Index Key	0001289945
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 23,340	$ 31,989
Accounts receivable, net	21,722	23,314
Prepaid expenses	7,198	7,885
Other current assets	672	704
Total current assets	52,932	63,892
Non-current assets:
Property and equipment, net	7,306	7,321
Operating lease right-of-use assets	9,803	10,526
Goodwill	99,175	99,175
Deferred income tax assets, net	45,348	46,260
Other non-current assets	451	510
Total non-current assets	162,083	163,792
Total assets	215,015	227,684
Current liabilities:
Accounts payable	3,809	5,969
Accrued compensation and benefits	3,419	7,284
Deferred revenue	24,998	26,298
Operating lease liabilities	3,773	4,184
Other current liabilities	3,890	4,273
Total current liabilities	39,889	48,008
Non-current liabilities:
Asset retirement obligations	7,205	7,191
Operating lease liabilities	6,630	6,902
Other non-current liabilities	1,122	1,812
Total non-current liabilities	14,957	15,905
Total liabilities	54,846	63,913
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock	0	0
Common stock	2	2
Additional paid-in capital	101,656	102,936
Accumulated other comprehensive loss	(1,722)	(1,764)
Retained earnings	60,233	62,597
Total stockholders’ equity	160,169	163,771
Total liabilities and stockholders' equity	$ 215,015	$ 227,684

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total revenue	$ 34,909	$ 33,180
Cost of revenue (exclusive of items shown separately below)	7,139	6,536
Research and development	2,951	2,493
Technology operations	6,299	6,587
Selling and marketing	4,149	3,901
General and administrative	7,984	7,700
Depreciation and accretion	1,068	1,236
Severance and restructuring	428	10
Total operating expenses	30,018	28,463
Operating income	4,891	4,717
Interest income	254	272
Other (expense) income	(2)	53
Income before income taxes	5,143	5,042
Provision for income taxes	(907)	(1,925)
Net income	$ 4,236	$ 3,117
Basic net income per common share (in usd per share)	$ 0.21	$ 0.16
Diluted net income per common share (in usd per share)	$ 0.21	$ 0.15
Basic weighted average common shares outstanding (in shares)	20,170,548	19,897,445
Diluted weighted average common shares outstanding (in shares)	20,446,587	20,182,692
Cash dividends declared per common share (in usd per share)	$ 0.3125	$ 0.3125
Wireless revenue
Total revenue	$ 18,595	$ 19,028
Software revenue
Total revenue	$ 16,314	$ 14,152

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 4,236	$ 3,117
Other comprehensive income, net of tax:
Foreign currency translation adjustments	42	12
Other comprehensive income	42	12
Comprehensive income	$ 4,278	$ 3,129

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital & Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2022		19,703,800
Beginning balance at Dec. 31, 2022	$ 171,097	$ 2	$ 97,999	$ 73,096
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,117			3,117
Issuance of common stock for vested restricted stock units under the equity plans (in shares)		382,568
Purchase of common stock for tax withholding and other (in shares)		(144,516)
Purchase of common stock for tax withholding	(1,245)		(1,245)
Amortization of stock-based compensation	936		936
Cash dividends declared	(6,549)			(6,549)
Cumulative translation adjustment	12		12
Ending balance (in shares) at Mar. 31, 2023		19,941,852
Ending balance at Mar. 31, 2023	167,368	$ 2	97,702	69,664
Beginning balance (in shares) at Dec. 31, 2023		19,992,102
Beginning balance at Dec. 31, 2023	163,771	$ 2	101,172	62,597
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,236			4,236
Issuance of common stock for vested restricted stock units under the equity plans (in shares)		396,771
Purchase of common stock for tax withholding and other (in shares)		(151,026)
Purchase of common stock for tax withholding	(2,428)		(2,428)
Amortization of stock-based compensation	1,148		1,148
Cash dividends declared	(6,600)			(6,600)
Cumulative translation adjustment	42		42
Ending balance (in shares) at Mar. 31, 2024		20,237,847
Ending balance at Mar. 31, 2024	$ 160,169	$ 2	$ 99,934	$ 60,233

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 4,236	$ 3,117
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and accretion	1,068	1,236
Deferred income tax expense	902	1,886
Stock-based compensation	1,148	936
Provisions for credit losses, service credits and other	272	29
Changes in assets and liabilities:
Accounts receivable	1,318	4,187
Prepaid expenses and other assets	779	(282)
Net operating lease liabilities	41	(197)
Accounts payable, accrued liabilities and other	(6,405)	(6,680)
Deferred revenue	(1,361)	(1,621)
Net cash provided by operating activities	1,998	2,611
Investing activities:
Purchases of property and equipment	(875)	(649)
Net cash used in investing activities	(875)	(649)
Financing activities:
Cash distributions to stockholders	(7,386)	(6,933)
Purchase of common stock for tax withholding on vested equity awards	(2,428)	(1,245)
Net cash used in financing activities	(9,814)	(8,178)
Effect of exchange rate on cash and cash equivalents	42	12
Net decrease in cash and cash equivalents	(8,649)	(6,204)
Cash and cash equivalents, beginning of period	31,989	35,754
Cash and cash equivalents, end of period	23,340	29,550
Supplemental disclosure:
Income taxes paid (refunded)	$ 5	$ (6)

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Spok Holdings, Inc. (NASDAQ: SPOK) ("Spok," "we," "our" or the "Company"), through its wholly owned subsidiary Spok, Inc., is proud to be the 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 products and services to enhance workflows for clinicians, support administrative compliance, and provide a better experience for patients. We offer a focused suite of unified clinical communication and collaboration solutions that include call center applications, clinical alerting and notifications, one-way and advanced two-way wireless messaging services, mobile communications and public safety solutions. We provide one-way and advanced two-way wireless messaging services, including information services, throughout the United States. These services are offered on a local, regional and nationwide basis, employing digital networks. One-way messaging consists of numeric and alphanumeric messaging services. Numeric messaging services enable subscribers to receive messages that are composed entirely of numbers, such as a phone number, while alphanumeric messages may include numbers and letters, which enable subscribers to receive text messages. Two-way messaging services enable subscribers to send and receive messages to and from other wireless messaging devices, including pagers, personal digital assistants and personal computers. We also offer voice mail, personalized greetings, message storage and retrieval, and equipment loss and/or maintenance protection to both one-way and two-way messaging subscribers. These services are commonly referred to as wireless messaging and information services. We also develop, sell and support enterprise-wide systems for hospitals and other organizations needing to automate, centralize and standardize clinical communications. These solutions are used for contact centers, clinical alerting and notification, mobile communications and messaging and for public safety notifications. These areas of market focus complement the market focus of our wireless services outlined above. Basis of Presentation The accompanying Condensed Consolidated Financial Statements include our accounts and the accounts of our wholly owned direct and indirect subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In management's opinion, the unaudited Condensed Consolidated Financial Statements include all adjustments and accruals that are necessary for the presentation of the results of all interim periods reported herein and all such adjustments are of a normal, recurring nature. Amounts shown in the Condensed Consolidated Statements of Operations within the operating expense categories of cost of revenue; research and development; technology operations; selling and marketing; and general and administrative are recorded exclusive of depreciation and accretion. These items are shown separately to the extent that they are considered material for the periods presented. Certain prior period amounts in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period's presentation. These reclassifications had no effect on the reported results of operations or the Condensed Consolidated Balance Sheets. The financial information included herein, other than the Condensed Consolidated Balance Sheet as of December 31, 2023, is unaudited. The Condensed Consolidated Balance Sheet as of December 31, 2023, has been derived from, but does not include all, the disclosures contained in the audited Consolidated Financial Statements as of and for the year ended December 31, 2023. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The Condensed Consolidated Statements of Operations for the interim periods presented are not necessarily indicative of the results that may be expected for a full year. Use of Estimates The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. On an ongoing basis, we evaluate estimates and assumptions, including, but not limited to, those related to the impairment of long-lived assets, goodwill, accounts receivable allowances, revenue recognition, depreciation expense, asset retirement obligations and income taxes. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Risks and Other Important Facto

Risks and Other Important Factors	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Risks and Other Important Factors	RISKS AND OTHER IMPORTANT FACTORSSee “Item 1A. Risk Factors” of Part II of this Quarterly Report on Form 10-Q (“Quarterly Report”) and "Item 1A. Risk Factors" of Part I of the 2023 Annual Report, which describe key risks associated with our operations and industry.

Recent Accounting Standards

Recent Accounting Standards	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards	RECENT ACCOUNTING STANDARDS In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within segment profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is also permitted, and retrospective applications is required. This ASU will likely result in additional required disclosures when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and the income taxes paid. The update is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Significant Accounting Policies

Significant Accounting Policies Update	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies Update	SIGNIFICANT ACCOUNTING POLICIES UPDATE Our significant accounting policies are detailed in Note 1, “Organization and Significant Accounting Policies” of the 2023 Annual Report.

Revenue, Deferred Revenue And P

Revenue, Deferred Revenue And Prepaid Commissions	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue, Deferred Revenue and Prepaid Commissions	REVENUE, DEFERRED REVENUE AND PREPAID COMMISSIONS Wireless Revenue Wireless revenue consists of two primary components: paging revenue and product and other revenue. Paging revenue consists primarily of recurring fees associated with the provision of messaging services and fees for paging devices and is net of a provision for service credits. Product and other revenue reflects system sales, sales of paging devices and charges for devices that are not returned and are net of anticipated credits. Our core offering includes subscriptions to one-way or two-way messaging services for a periodic (monthly, quarterly, semiannual, or annual) service fee. This is generally based upon the type of service provided, the geographic area covered, the number of devices provided to the customer and the period of commitment. A subscriber to one-way messaging services may select coverage on a local, regional or nationwide basis to best meet their messaging needs. Two-way messaging is generally offered on a nationwide basis. See Item 1. “Business,” in the 2023 Annual Report for more details. Software Revenue Software revenue consists of two primary components: operations revenue and maintenance revenue. Operations revenue consists primarily of license and subscription revenues for our healthcare communications solutions, revenue from the sale of hardware that facilitates the use of our software solutions, and professional services revenue related to the implementation of our solutions. Maintenance revenue is generated from our ongoing support of our software solutions or related equipment and access to when-and-if available software updates. Maintenance is generally purchased and renewed on an annual basis. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Our software licenses and hardware are generally recognized at a point in time when we have transferred control to the customer. For software licenses, revenue is not recognized until the related license(s) has been made available to the customer and the customer can begin to benefit from its right to use the license(s). Our software licenses represent a right to use Spok’s intellectual property ("IP") as it exists at a point in time at which the license is granted. Many of our software licenses have significant standalone functionality due to their ability to process a transaction or perform a function or task, and we do not need to maintain those products, once provided to the customer, for value to exist. While the functionality of the IP that we license may substantively change during the license period, customers are not contractually or practically required to update their license as a result of those changes. Our wireless, professional services, and maintenance are generally recognized over time due to a customer's simultaneous receipt and consumption of the benefit as we perform the work. As we transfer control over time, we recognize revenue based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires significant judgment and is based on the nature of the products or services to be provided. Generally, we use the time-elapsed measure of progress for performance obligations that include wireless, maintenance or subscription services. We believe this method best depicts the simultaneous transfer and consumption of the benefit based on our performance as these services are generally considered standby services. For professional services, we leverage an input methodology based on the number of hours worked on a project versus the total expected hours necessary to complete the project. Revenues are recognized proportionally as hours are incurred. The following table presents our revenues disaggregated by revenue type: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Revenue: Paging revenue $ 17,970 $ 18,525 Product and other revenue 625 503 Wireless revenue $ 18,595 $ 19,028 License $ 2,626 $ 1,618 Professional services 4,025 3,239 Hardware 384 356 Operations revenue 7,035 5,213 Maintenance 9,279 8,939 Software revenue $ 16,314 $ 14,152 Total revenue $ 34,909 $ 33,180 The U.S. was the only country that accounted for more than 10% of the Company’s total revenue for the three months ended March 31, 2024, and 2023. Revenue generated in the U.S. and internationally consisted of the following for the periods stated: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 United States $ 34,142 $ 32,210 International 767 970 Total revenue $ 34,909 $ 33,180 Deferred Revenues Our deferred revenues represent payments made by, or due from, customers in advance of our performance. Changes in the balance of total deferred revenue during the three months ended March 31, 2024, are as follows: (Dollars in thousands) December 31, 2023 Additions Revenue Recognized March 31, 2024 Deferred Revenue $ 26,946 $ 14,743 $ (16,104) $ 25,585 During the three months ended March 31, 2024, the Company recognized $9.7 million related to amounts deferred as of December 31, 2023. Prepaid Commissions Our prepaid commissions represent payments made to employees in advance of our performance on the related underlying contracts. These costs have been incurred directly in relation to obtaining a contract. As such, these costs are amortized over the estimated period of benefit. Changes in the balance of total prepaid commissions during the three months ended March 31, 2024 are as follows: (Dollars in thousands) December 31, 2023 Additions Commissions Recognized March 31, 2024 Prepaid Commissions $ 2,285 $ 632 $ (732) $ 2,185 Prepaid commissions are included within prepaid expenses in the Condensed Consolidated Balance Sheets and commissions expense is included within selling and marketing in the Condensed Consolidated Statements of Operations. Remaining Performance Obligations The balance of remaining performance obligations at March 31, 2024, was $58.0 million. We expect to recognize approximately $39.3 million of our remaining performance obligations over the next 12 months, with the remaining balance recognized thereafter.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	LEASES We have operating lease arrangements for corporate offices, cellular towers, storage units and small building space. The building space is used to house infrastructure, such as transmitters, antennae and other various equipment for the Company’s wireless paging services. For leases with a term of 12 months or less, renewal terms are generally of an evergreen nature (either month-to-month or year-to-year). For leases with a term greater than 12 months, renewal terms are generally explicit and provide for one to five optional renewals consistent with the initial term. Many of our leases, with the exception of those for our corporate offices, include options to terminate the lease within one year. Variable lease payments, residual value guarantees or purchase options are not generally present in these leases. Lease costs are included in technology operations and general and administrative expenses in the Condensed Consolidated Statements of Operations. The following table presents lease costs disaggregated by type: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Operating lease cost $ 1,035 $ 1,178 Short-term lease cost 2,452 2,280 Total lease cost $ 3,487 $ 3,458 The following table presents supplemental cash flow information: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities - operating leases $ 1,172 $ 1,368 The following table presents the weighted average remaining lease term and discount rate: March 31, (Dollars in thousands) 2024 2023 Weighted average remaining lease term - operating leases (in years) 4.50 4.70 Weighted average discount rate - operating leases 6.05% 4.79% Maturities of lease liabilities as of March 31, 2024, were as follows: For the Year Ended December 31, (Dollars in thousands) 2024 (remaining nine months) $ 3,101 2025 2,518 2026 2,054 2027 1,517 2028 1,184 Thereafter 1,452 Total future lease payments 11,826 Imputed interest (1,423) Total $ 10,403

Consolidated Financial Statemen

Consolidated Financial Statements' Components	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Financial Statements' Components	CONSOLIDATED FINANCIAL STATEMENTS' COMPONENTS Depreciation and Accretion Depreciation and accretion expenses consisted of the following for the periods stated: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Depreciation Leasehold improvements $ 36 $ 13 Asset retirement costs (104) 66 Paging and computer equipment 901 938 Furniture, fixtures and vehicles 61 55 Total depreciation 894 1,072 Accretion 174 164 Total depreciation and accretion expense $ 1,068 $ 1,236 Accounts Receivable, Net Accounts receivable was recorded net of an allowance of $1.4 million at March 31, 2024, and $1.6 million at December 31, 2023. Accounts receivable, net includes $7.6 million and $6.0 million of unbilled receivables at March 31, 2024, and December 31, 2023, respectively. Unbilled receivables are defined as the Company's right to consideration in exchange for goods or services that we have transferred to the customer but have not yet billed for, generally as a result of contractual billing terms. Property and Equipment, Net Property and equipment, net consisted of the following as of the dates stated: (Dollars in thousands) Useful Life March 31, 2024 December 31, 2023 Leasehold improvements lease term $ 2,217 $ 2,202 Asset retirement costs 1-5 3,722 3,722 Paging and computer equipment 1-5 86,197 86,332 Furniture, fixtures and vehicles 3-5 3,224 3,129 Total property and equipment 95,360 95,385 Accumulated depreciation (88,054) (88,064) Total property and equipment, net $ 7,306 $ 7,321

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	GOODWILL During the three months ended March 31, 2024, we performed a qualitative assessment of goodwill and determined that a triggering event had not occurred. While an impairment assessment is performed annually in the fourth quarter, the Company monitors its business environment for potential triggering events on a quarterly basis. There is potential for further impairment charges being recognized in future periods based on these ongoing assessments.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	ASSET RETIREMENT OBLIGATIONS The components of the changes in the asset retirement obligation liabilities were: (Dollars in thousands) Short-Term Long-Term Total Balance as of December 31, 2023 $ 206 $ 7,191 $ 7,397 Accretion 147 27 174 Amounts paid (129) — (129) Reclassifications 13 (13) — Balance as of March 31, 2024 $ 237 $ 7,205 $ 7,442 The short-term portion of the balance above is included within other current liabilities in the Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023. The cost associated with the estimated removal costs and timing refinements due to ongoing network rationalization activities is expected to accrete to a total liability of $8.9 million. The total estimated liability is based on the transmitter locations remaining after we have consolidated the number of networks we operate and assuming the underlying leases continue to be renewed to that future date. Accretion expense related solely to asset retirement obligations and was recorded based on the interest method.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS' EQUITY General Our authorized capital stock consists of 75 million shares of common stock, par value $0.0001 per share, and 25 million shares of preferred stock, par value $0.0001 per share. At March 31, 2024, and December 31, 2023, we had no stock options outstanding. At March 31, 2024, and December 31, 2023, there were 20,237,847 and 19,992,102 shares of common stock outstanding, respectively, and no shares of preferred stock were outstanding. Dividends Cash distributions to stockholders, as disclosed in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024, and 2023, include previously declared cash dividends on shares of vested restricted common stock ("restricted stock") issued to our non-executive directors and dividends related to vested restricted stock units ("RSUs") issued to eligible employees. Cash dividends on RSUs and restricted stock have been accrued and are paid when the applicable vesting conditions are met. Accrued cash dividends on forfeited restricted stock and RSUs are also forfeited. The following table details our cash dividends declared and paid in 2024 through the date hereof: (Dollars in thousands) Declaration Date Record Date Payment Date Per Share Amount Total Declared (1) February 21, 2024 March 15, 2024 March 29, 2024 $ 0.3125 $ 6,600 Total $ 0.3125 $ 6,600 (1) The total declared reflects the cash dividends declared in relation to common stock, deferred stock units ("DSUs") and unvested RSUs. On May 1, 2024, our Board of Directors declared a regular quarterly cash dividend of $0.3125 per share of common stock with a record date of May 24, 2024, and a payment date of June 24, 2024. Cash dividends related to common stock of approximately $6.3 million will be paid from available cash on hand. Common Stock Repurchase Program On February 16, 2022, our Board of Directors authorized a share repurchase program for up to $10 million of the Company’s common stock. Under the repurchase program, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with the rules of the SEC and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, legal requirements and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. For the three months ended March 31, 2024, we did not repurchase any common stock. Net Income per Common Share Basic net income per common share is computed on the basis of the weighted average common shares outstanding. Diluted net income per common share is computed on the basis of the weighted average common shares outstanding plus the effect of all potentially dilutive common shares, including outstanding restricted stock and RSUs, which are treated as contingently issuable shares, using the “treasury stock” method. The components of basic and diluted net income per common share were as follows for the periods stated: For the Three Months Ended March 31, (in thousands, except for share and per share amounts) 2024 2023 Numerator: Net income $ 4,236 $ 3,117 Denominator: Basic weighted average common shares outstanding 20,170,548 19,897,445 Diluted weighted average common shares outstanding 20,446,587 20,182,692 Basic net income per common share $ 0.21 $ 0.16 Diluted net income per common share $ 0.21 $ 0.15 Stock-Based Compensation Plans On April 29, 2020, our Board of Directors adopted the Spok Holdings, Inc. 2020 Equity Incentive Award Plan (the “2020 Equity Plan”) that our stockholders subsequently approved on July 28, 2020. At July 28, 2020, a total of 1,699,950 shares of common stock had been reserved for issuance under the 2020 Equity Plan. On April 10, 2023, our Board of Directors adopted an amendment and restatement of the 2020 Equity Plan to increase the number of shares available for issuance by 1,000,000 shares that our stockholders subsequently approved on July 25, 2023. At July 25, 2023, a total of 1,268,444 shares of common stock had been reserved for issuance under the 2020 Equity Plan. Awards under the 2020 Equity Plan may be in the form of stock options, restricted common stock, RSUs, performance awards, dividend equivalents, stock payment awards, deferred stock, DSUs, stock appreciation rights or other stock or cash-based awards. Restricted stock awards generally vest one year from the date of grant. Related dividends accumulate during the vesting period and are paid at the time of vesting. Contingent RSUs generally vest over a three-year performance period upon successful completion of the performance objectives. Non-contingent RSUs generally vest in thirds, annually, over a three-year period. Dividend equivalent rights generally accompany each RSU award and those rights accumulate and vest along with the underlying RSU. Dividend equivalent rights generally accompany each DSU award and are paid to participants in cash on the Company's applicable dividend payment date whether the DSU is vested or unvested. The dividend equivalent right associated with a DSU continues until delivery of the underlying shares of common stock is made. Payment of the underlying shares of common stock occurs at the earliest of a participant's separation from service, disability, death, or a change in control. The following table summarizes the activities under the 2020 Equity Plan from January 1, 2024, through March 31, 2024: Activity Total equity securities available at January 1, 2024 1,275,704 RSU, DSU and restricted stock awarded to eligible employees, net of forfeitures (289,085) Total equity securities available at March 31, 2024 986,619 The following table details activities with respect to outstanding RSUs, DSUs, and restricted stock under the 2020 Equity Plan for the three months ended March 31, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2024 1,035,268 $ 9.12 Granted 293,129 15.48 Vested (398,161) 10.01 Forfeited (4,044) 11.13 Unvested at March 31, 2024 926,192 $ 10.74 Of the 926,192 unvested RSUs, DSUs and restricted stock outstanding at March 31, 2024, 491,734 RSUs include contingent performance requirements for vesting purposes. At March 31, 2024, there was $6.2 million of unrecognized net compensation cost related to RSUs and restricted stock, which is expected to be recognized over a weighted average period of 1.9 years. Employee Stock Purchase Plan In 2016, our Board of Directors adopted the Spok Holdings, Inc. Employee Stock Purchase Plan (the "ESPP") that our stockholders subsequently approved on July 25, 2016. A total of 250,000 shares of common stock were reserved for issuance under this plan. The ESPP allows employees to purchase shares of common stock at a discounted rate, subject to plan limitations. Under the ESPP, eligible participants can voluntarily elect to have contributions withheld from their pay for the duration of an offering period, subject to the ESPP limits. At the end of an offering period, contributions will be used to purchase the Company's common stock at a discount to the market price based on the first or last day of the offering period, whichever is lower. Participants are required to hold common stock for a minimum period of two years from the grant date. Participants will begin earning dividends on shares after the purchase date. Each offering period will generally last for no longer than six months. Once an offering period begins, participants cannot adjust their withholding amount. If a participant chooses to withdraw, any previously withheld funds will be returned to the participant, with no stock purchased, and that participant will be eligible to participate in the ESPP during the next offering period. If the participant terminates employment with the Company during the offering period, all contributions will be returned to the employee and no stock will be purchased. The Company uses the Black-Scholes model to calculate the fair value of the common stock to be purchased during each offering period on the offer date. The Black-Scholes model requires the use of estimates for the expected term, the expected volatility of the underlying common stock over the expected term, the risk-free interest rate and the expected dividend payment. For the three months ended March 31, 2024 and 2023, no shares of the Company's stock were purchased. The following table summarizes the activities under the ESPP from January 1, 2024, through March 31, 2024: Activity Total ESPP equity securities available at January 1, 2024 109,762 ESPP common stock purchased by eligible employees — Total ESPP equity securities available at March 31, 2024 109,762 Amounts withheld from participants will be classified as accrued compensation and benefits in the Condensed Consolidated Balance Sheets until funds are used to purchase shares. This liability amount is immaterial to the Condensed Consolidated Financial Statements. Stock-Based Compensation Expense We record all stock-based compensation, which consist of RSUs, DSUs, restricted stock, equity in lieu of salary, and the option to purchase common stock under the ESPP, at fair value as of the grant date. Stock-based compensation expense is recognized based on a straight-line amortization basis over the respective service period. Forfeitures and withdrawals are accounted for as incurred. The following table reflects the items for stock-based compensation expense in the Condensed Consolidated Statements of Operations for the periods stated: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Performance-based RSUs $ 461 $ 381 Time-based RSUs, DSUs and restricted stock 667 542 ESPP 20 13 Total stock-based compensation $ 1,148 $ 936

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Spok files a consolidated U.S. federal income tax return and income tax returns in various state, local and foreign jurisdictions as required. Our quarterly tax provision and our quarterly estimate of our annual effective tax rate are subject to significant variation due to several factors, including variability in accurately predicting our pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, changes in how we do business, changes in our stock price, foreign currency gains (losses), tax law developments (including changes in statutes, regulations, case law, and administrative practices), and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, our effective tax rate can be more or less volatile based on the amount of pre-tax income or loss. For example, the impact of discrete items and non-deductible expenses on our effective tax rate is greater when our pre-tax income is lower. For 2024, the anticipated effective income tax rate is expected to continue to differ from the federal statutory rate of 21%, primarily due to the effect of state income taxes, permanent differences between book and taxable income, and certain discrete items. We had total net deferred income tax assets ("DTAs") of $45.3 million and $46.3 million as of March 31, 2024, and December 31, 2023, respectively. We had a valuation allowance of $2.3 million as of both March 31, 2024, and December 31, 2023. We assess the recoverability of our deferred income tax assets, which represent the tax benefits of future tax deductions, based on available positive and negative evidence and by considering the adequacy of future taxable income from all sources, including prudent and feasible tax planning strategies. This assessment is required to determine whether, based on all available evidence, it is "more likely than not" (meaning a probability of greater than 50%) that all or some portion of the deferred income tax assets will be realized in future periods. During the fourth quarter of each year, we update our multi-year forecast of taxable income for our operations, which assists in analyzing the recoverability of our DTAs. The Company maintains a valuation allowance related to Federal Foreign Tax Credits and certain state net operating losses and state tax credits, as the Company does not believe current projections of future taxable income will be sufficient to utilize those tax assets prior to expiration.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES There have been no material changes during the three months ended March 31, 2024, to the commitments and contingencies previously reported in the 2023 Annual Report.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	RELATED PARTIESA member of our Board of Directors serves as EVP and Chief Information Officer for an entity that is also a customer of the Company. For the three months ended March 31, 2024 and 2023, we recognized revenues of $0.4 million and $0.1 million, respectively, related to the contracts from the entity at which the individual is employed.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 4,236	$ 3,117

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements include our accounts and the accounts of our wholly owned direct and indirect subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Our Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). In management's opinion, the unaudited Condensed Consolidated Financial Statements include all adjustments and accruals that are necessary for the presentation of the results of all interim periods reported herein and all such adjustments are of a normal, recurring nature. Amounts shown in the Condensed Consolidated Statements of Operations within the operating expense categories of cost of revenue; research and development; technology operations; selling and marketing; and general and administrative are recorded exclusive of depreciation and accretion. These items are shown separately to the extent that they are considered material for the periods presented. Certain prior period amounts in the Condensed Consolidated Financial Statements have been reclassified to conform to the current period's presentation. These reclassifications had no effect on the reported results of operations or the Condensed Consolidated Balance Sheets. The financial information included herein, other than the Condensed Consolidated Balance Sheet as of December 31, 2023, is unaudited. The Condensed Consolidated Balance Sheet as of December 31, 2023, has been derived from, but does not include all, the disclosures contained in the audited Consolidated Financial Statements as of and for the year ended December 31, 2023. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”). The Condensed Consolidated Statements of Operations for the interim periods presented are not necessarily indicative of the results that may be expected for a full year.
Use of Estimates	Use of Estimates The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. On an ongoing basis, we evaluate estimates and assumptions, including, but not limited to, those related to the impairment of long-lived assets, goodwill, accounts receivable allowances, revenue recognition, depreciation expense, asset retirement obligations and income taxes. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Recent Accounting Standards	RECENT ACCOUNTING STANDARDS In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within segment profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is also permitted, and retrospective applications is required. This ASU will likely result in additional required disclosures when adopted. We are currently evaluating the provisions of this ASU and expect to adopt them for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and the income taxes paid. The update is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Revenue, Deferred Revenue And_2

Revenue, Deferred Revenue And Prepaid Commissions (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue	The following table presents our revenues disaggregated by revenue type: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Revenue: Paging revenue $ 17,970 $ 18,525 Product and other revenue 625 503 Wireless revenue $ 18,595 $ 19,028 License $ 2,626 $ 1,618 Professional services 4,025 3,239 Hardware 384 356 Operations revenue 7,035 5,213 Maintenance 9,279 8,939 Software revenue $ 16,314 $ 14,152 Total revenue $ 34,909 $ 33,180 For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 United States $ 34,142 $ 32,210 International 767 970 Total revenue $ 34,909 $ 33,180
Schedule of Deferred Revenue	Changes in the balance of total deferred revenue during the three months ended March 31, 2024, are as follows: (Dollars in thousands) December 31, 2023 Additions Revenue Recognized March 31, 2024 Deferred Revenue $ 26,946 $ 14,743 $ (16,104) $ 25,585
Schedule of Deferred Commissions	Changes in the balance of total prepaid commissions during the three months ended March 31, 2024 are as follows: (Dollars in thousands) December 31, 2023 Additions Commissions Recognized March 31, 2024 Prepaid Commissions $ 2,285 $ 632 $ (732) $ 2,185

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Lease Costs	The following table presents lease costs disaggregated by type: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Operating lease cost $ 1,035 $ 1,178 Short-term lease cost 2,452 2,280 Total lease cost $ 3,487 $ 3,458 The following table presents supplemental cash flow information: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities - operating leases $ 1,172 $ 1,368 The following table presents the weighted average remaining lease term and discount rate: March 31, (Dollars in thousands) 2024 2023 Weighted average remaining lease term - operating leases (in years) 4.50 4.70 Weighted average discount rate - operating leases 6.05% 4.79%
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities as of March 31, 2024, were as follows: For the Year Ended December 31, (Dollars in thousands) 2024 (remaining nine months) $ 3,101 2025 2,518 2026 2,054 2027 1,517 2028 1,184 Thereafter 1,452 Total future lease payments 11,826 Imputed interest (1,423) Total $ 10,403

Consolidated Financial Statem_2

Consolidated Financial Statements' Components (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Depreciation, Amortization and Accretion	Depreciation and accretion expenses consisted of the following for the periods stated: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Depreciation Leasehold improvements $ 36 $ 13 Asset retirement costs (104) 66 Paging and computer equipment 901 938 Furniture, fixtures and vehicles 61 55 Total depreciation 894 1,072 Accretion 174 164 Total depreciation and accretion expense $ 1,068 $ 1,236
Schedule of Property, Plant and Equipment	Property and equipment, net consisted of the following as of the dates stated: (Dollars in thousands) Useful Life March 31, 2024 December 31, 2023 Leasehold improvements lease term $ 2,217 $ 2,202 Asset retirement costs 1-5 3,722 3,722 Paging and computer equipment 1-5 86,197 86,332 Furniture, fixtures and vehicles 3-5 3,224 3,129 Total property and equipment 95,360 95,385 Accumulated depreciation (88,054) (88,064) Total property and equipment, net $ 7,306 $ 7,321

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Asset Retirement Obligation Liabilities	The components of the changes in the asset retirement obligation liabilities were: (Dollars in thousands) Short-Term Long-Term Total Balance as of December 31, 2023 $ 206 $ 7,191 $ 7,397 Accretion 147 27 174 Amounts paid (129) — (129) Reclassifications 13 (13) — Balance as of March 31, 2024 $ 237 $ 7,205 $ 7,442

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Cash Dividends Declared	The following table details our cash dividends declared and paid in 2024 through the date hereof: (Dollars in thousands) Declaration Date Record Date Payment Date Per Share Amount Total Declared (1) February 21, 2024 March 15, 2024 March 29, 2024 $ 0.3125 $ 6,600 Total $ 0.3125 $ 6,600 (1) The total declared reflects the cash dividends declared in relation to common stock, deferred stock units ("DSUs") and unvested RSUs.
Schedule of Basic and Diluted Net Income Per Common Shares	The components of basic and diluted net income per common share were as follows for the periods stated: For the Three Months Ended March 31, (in thousands, except for share and per share amounts) 2024 2023 Numerator: Net income $ 4,236 $ 3,117 Denominator: Basic weighted average common shares outstanding 20,170,548 19,897,445 Diluted weighted average common shares outstanding 20,446,587 20,182,692 Basic net income per common share $ 0.21 $ 0.16 Diluted net income per common share $ 0.21 $ 0.15
Schedule of Activities Under Equity Plan	The following table summarizes the activities under the 2020 Equity Plan from January 1, 2024, through March 31, 2024: Activity Total equity securities available at January 1, 2024 1,275,704 RSU, DSU and restricted stock awarded to eligible employees, net of forfeitures (289,085) Total equity securities available at March 31, 2024 986,619 Activity Total ESPP equity securities available at January 1, 2024 109,762 ESPP common stock purchased by eligible employees — Total ESPP equity securities available at March 31, 2024 109,762
Summary of Outstanding RSUs	The following table details activities with respect to outstanding RSUs, DSUs, and restricted stock under the 2020 Equity Plan for the three months ended March 31, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2024 1,035,268 $ 9.12 Granted 293,129 15.48 Vested (398,161) 10.01 Forfeited (4,044) 11.13 Unvested at March 31, 2024 926,192 $ 10.74
Schedule of Stock Based Compensation Expense	The following table reflects the items for stock-based compensation expense in the Condensed Consolidated Statements of Operations for the periods stated: For the Three Months Ended March 31, (Dollars in thousands) 2024 2023 Performance-based RSUs $ 461 $ 381 Time-based RSUs, DSUs and restricted stock 667 542 ESPP 20 13 Total stock-based compensation $ 1,148 $ 936

Revenue, Deferred Revenue And_3

Revenue, Deferred Revenue And Prepaid Commissions - Additional Information and Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) revenue_component	Mar. 31, 2023 USD ($)
Revenues from External Customers and Long-Lived Assets
Total revenue	$ 34,909	$ 33,180
Deferred revenue recognized from previous period	9,700
United States
Revenues from External Customers and Long-Lived Assets
Total revenue	$ 34,142	$ 32,210
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Revenues from External Customers and Long-Lived Assets
Concentration risk percentage (more than)	10%	10%
International
Revenues from External Customers and Long-Lived Assets
Total revenue	$ 767	$ 970
Wireless revenue
Revenues from External Customers and Long-Lived Assets
Revenue primary component | revenue_component	2
Total revenue	$ 18,595	19,028
Paging revenue
Revenues from External Customers and Long-Lived Assets
Total revenue	17,970	18,525
Product and other revenue
Revenues from External Customers and Long-Lived Assets
Total revenue	$ 625	503
Software revenue
Revenues from External Customers and Long-Lived Assets
Revenue primary component | revenue_component	2
Total revenue	$ 16,314	14,152
License
Revenues from External Customers and Long-Lived Assets
Total revenue	2,626	1,618
Professional services
Revenues from External Customers and Long-Lived Assets
Total revenue	4,025	3,239
Hardware
Revenues from External Customers and Long-Lived Assets
Total revenue	384	356
Operations revenue
Revenues from External Customers and Long-Lived Assets
Total revenue	7,035	5,213
Maintenance
Revenues from External Customers and Long-Lived Assets
Total revenue	$ 9,279	$ 8,939

Revenue, Deferred Revenue And_4

Revenue, Deferred Revenue And Prepaid Commissions - Deferred Revenues (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Contract With Customer, Asset And Liability [Roll Forward]
Beginning balance	$ 26,946
Additions	14,743
Revenue Recognized	(16,104)
Ending balance	$ 25,585

Revenue, Deferred Revenue And_5

Revenue, Deferred Revenue And Prepaid Commissions - Prepaid Commissions (Details) - Prepaid Commissions $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 2,285
Additions	632
Commissions Recognized	(732)
Ending balance	$ 2,185

Revenue, Deferred Revenue And_6

Revenue, Deferred Revenue And Prepaid Commissions - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 58
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 39.3
Remaining performance obligation, period	12 months

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 renewal
Lessee, Lease, Description [Line Items]
Termination term	1 year
Minimum
Lessee, Lease, Description [Line Items]
Number of renewal options	1
Maximum
Lessee, Lease, Description [Line Items]
Number of renewal options	5

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,035	$ 1,178
Short-term lease cost	2,452	2,280
Total lease cost	3,487	3,458
Cash paid for amounts included in the measurement of lease liabilities - operating leases	$ 1,172	$ 1,368
Weighted average remaining lease term - operating leases (in years)	4 years 6 months	4 years 8 months 12 days
Weighted average discount rate - operating leases	6.05%	4.79%

Leases - Lease Maturities (Deta

Leases - Lease Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (remaining nine months)	$ 3,101
2025	2,518
2026	2,054
2027	1,517
2028	1,184
Thereafter	1,452
Total future lease payments	11,826
Imputed interest	(1,423)
Total	$ 10,403

Consolidated Financial Statem_3

Consolidated Financial Statements' Components - Depreciation and Accretion (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Total depreciation	$ 894	$ 1,072
Accretion	174	164
Total depreciation and accretion expense	1,068	1,236
Leasehold improvements
Property, Plant and Equipment [Line Items]
Depreciation	36	13
Asset retirement costs
Property, Plant and Equipment [Line Items]
Asset retirement costs	(104)	66
Paging and computer equipment
Property, Plant and Equipment [Line Items]
Depreciation	901	938
Furniture, fixtures and vehicles
Property, Plant and Equipment [Line Items]
Depreciation	$ 61	$ 55

Consolidated Financial Statem_4

Consolidated Financial Statements' Components - Accounts Receivable, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for doubtful accounts receivable	$ 1.4	$ 1.6
Unbilled receivables	$ 7.6	$ 6

Consolidated Financial Statem_5

Consolidated Financial Statements' Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 95,360	$ 95,385
Accumulated depreciation	(88,054)	(88,064)
Total property and equipment, net	7,306	7,321
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	2,217	2,202
Asset retirement costs
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,722	3,722
Asset retirement costs | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (In Years)	1 year
Asset retirement costs | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (In Years)	5 years
Paging and computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 86,197	86,332
Paging and computer equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (In Years)	1 year
Paging and computer equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (In Years)	5 years
Furniture, fixtures and vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,224	$ 3,129
Furniture, fixtures and vehicles | Minimum
Property, Plant and Equipment [Line Items]
Useful Life (In Years)	3 years
Furniture, fixtures and vehicles | Maximum
Property, Plant and Equipment [Line Items]
Useful Life (In Years)	5 years

Asset Retirement Obligations -

Asset Retirement Obligations - Changes in Asset Retirement Obligation Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance as of December 31, 2023	$ 7,397
Accretion	174	$ 164
Amounts paid	(129)
Reclassifications	0
Balance as of March 31, 2024	7,442
Short-Term Portion
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance as of December 31, 2023	206
Accretion	147
Amounts paid	(129)
Reclassifications	13
Balance as of March 31, 2024	237
Long-Term Portion
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance as of December 31, 2023	7,191
Accretion	27
Amounts paid	0
Reclassifications	(13)
Balance as of March 31, 2024	$ 7,205

Asset Retirement Obligations _2

Asset Retirement Obligations - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Estimated liability	$ 8.9

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)					3 Months Ended
	Jun. 24, 2024	May 01, 2024	Mar. 29, 2024	Jul. 25, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 16, 2022	Jul. 28, 2020	Jul. 25, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized (in shares)					75,000,000
Common stock par value (in usd per share)					$ 0.0001
Preferred stock authorized (in shares)					25,000,000
Preferred stock par value (in usd per share)					$ 0.0001
Options outstanding (in shares)					0		0
Common stock outstanding (in shares)							19,992,102
Preferred stock outstanding (in shares)					0		0
Total declared			$ 6,600,000		$ 6,600,000	$ 6,549,000
Common stock repurchase program, authorized amount								$ 10,000,000
Shares reserved for future issuance (in shares)				1,268,444					1,699,950
Additional shares available for issuance under the 2020 Equity Plan (in shares)				1,000,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding (in shares)					20,237,847
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock dividends declared (in usd per share)		$ 0.3125
Subsequent Event | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total declared	$ 6,300,000
2020 Equity Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
2020 Equity Plan | Contingent RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Equity instruments other than options, nonvested (in shares)					491,734
2020 Equity Plan | Non-contingent RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
2020 Equity Plan | Restricted Stock and Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year 10 months 24 days
Compensation cost not yet recognized, share-based awards other than options					$ 6,200,000
2020 Equity Plan | Unvested RSUs, DSUs and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, nonvested (in shares)					926,192		1,035,268
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)										250,000
Award required holding period					2 years
Issuance of common stock under the employee stock purchase plan (in shares)					0	0
ESPP | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering period, maximum					6 months

Stockholders' Equity - Cash Div

Stockholders' Equity - Cash Dividends Declared to Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Per Share Amount (in usd per share)	$ 0.3125	$ 0.3125	$ 0.3125
Cash dividends for common stock	$ 6,600	$ 6,600	$ 6,549

Stockholders' Equity - Basic an

Stockholders' Equity - Basic and Diluted Net Income Per Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 4,236	$ 3,117
Denominator:
Basic weighted average common shares outstanding (in shares)	20,170,548	19,897,445
Diluted weighted average common shares outstanding (in shares)	20,446,587	20,182,692
Basic net income per common share (in usd per share)	$ 0.21	$ 0.16
Diluted net income per common share (in usd per share)	$ 0.21	$ 0.15

Stockholders' Equity - Activiti

Stockholders' Equity - Activities Under Equity Plan (Details)	3 Months Ended
	Mar. 31, 2024 shares
2020 Equity Plan
Share-based Compensation Arrangement By Share-based Payment Award, Shares Authorized [Roll Forward]
Equity securities available, beginning balance (in shares)	1,275,704
Equity securities available, ending balance (in shares)	986,619
ESPP
Share-based Compensation Arrangement By Share-based Payment Award, Shares Authorized [Roll Forward]
Equity securities available, beginning balance (in shares)	109,762
ESPP common stock purchased by eligible employees (in shares)	0
Equity securities available, ending balance (in shares)	109,762
Unvested RSUs, DSUs and Restricted Stock | 2020 Equity Plan
Share-based Compensation Arrangement By Share-based Payment Award, Shares Authorized [Roll Forward]
RSU, DSU, and restricted stock awarded to eligible employees, net of forfeitures (in shares)	(289,085)

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Outstanding RSUs (Details) - Unvested RSUs, DSUs and Restricted Stock - 2020 Equity Plan	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares
Unvested, beginning balance (in shares) | shares	1,035,268
Granted (in shares) | shares	293,129
Vested (in shares) | shares	(398,161)
Forfeited (in shares) | shares	(4,044)
Unvested, ending balance (in shares) | shares	926,192
Weighted Average Grant Date Fair Value per Share
Unvested, beginning balance (in usd per share) | $ / shares	$ 9.12
Granted (in usd per share) | $ / shares	15.48
Vested (in usd per share) | $ / shares	10.01
Forfeited (in usd per share) | $ / shares	11.13
Unvested, ending balance (in usd per share) | $ / shares	$ 10.74

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,148	$ 936
Performance-based RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	461	381
Time-based RSUs, DSUs and restricted stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	667	542
ESPP
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 20	$ 13

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Deferred income tax assets, net	$ 45,348	$ 46,260
Valuation allowance	$ 2,300	$ 2,300

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Total revenue	$ 34,909	$ 33,180
Related Party
Related Party Transaction [Line Items]
Total revenue	$ 400	$ 100