Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 19, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 $0.0001 per share | |
Trading Symbol | SPOK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,264,055 | |
Entity Central Index Key | 0001289945 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 23,875 | $ 31,989 |
Accounts receivable, net | 22,824 | 23,314 |
Prepaid expenses | 8,590 | 7,885 |
Other current assets | 858 | 704 |
Total current assets | 56,147 | 63,892 |
Non-current assets: | ||
Property and equipment, net | 7,056 | 7,321 |
Operating lease right-of-use assets | 9,177 | 10,526 |
Goodwill | 99,175 | 99,175 |
Deferred income tax assets, net | 43,939 | 46,260 |
Other non-current assets | 883 | 510 |
Total non-current assets | 160,230 | 163,792 |
Total assets | 216,377 | 227,684 |
Current liabilities: | ||
Accounts payable | 5,418 | 5,969 |
Accrued compensation and benefits | 4,922 | 7,284 |
Deferred revenue | 25,239 | 26,298 |
Operating lease liabilities | 3,352 | 4,184 |
Other current liabilities | 4,425 | 4,273 |
Total current liabilities | 43,356 | 48,008 |
Non-current liabilities: | ||
Asset retirement obligations | 7,197 | 7,191 |
Operating lease liabilities | 6,374 | 6,902 |
Other non-current liabilities | 1,238 | 1,812 |
Total non-current liabilities | 14,809 | 15,905 |
Total liabilities | 58,165 | 63,913 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 2 | 2 |
Additional paid-in capital | 102,946 | 102,936 |
Accumulated other comprehensive loss | (1,770) | (1,764) |
Retained earnings | 57,034 | 62,597 |
Total stockholders’ equity | 158,212 | 163,771 |
Total liabilities and stockholders' equity | $ 216,377 | $ 227,684 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total revenue | $ 33,982 | $ 36,463 | $ 68,891 | $ 69,643 |
Cost of revenue (exclusive of items shown separately below) | 7,163 | 6,727 | 14,302 | 13,263 |
Research and development | 3,176 | 2,853 | 6,127 | 5,346 |
Technology operations | 6,181 | 6,452 | 12,480 | 13,039 |
Selling and marketing | 3,506 | 4,354 | 7,655 | 8,255 |
General and administrative | 8,067 | 8,489 | 16,051 | 16,189 |
Depreciation and accretion | 1,067 | 1,265 | 2,135 | 2,501 |
Severance and restructuring | 348 | 108 | 776 | 118 |
Total operating expenses | 29,508 | 30,248 | 59,526 | 58,711 |
Operating income | 4,474 | 6,215 | 9,365 | 10,932 |
Interest income | 391 | 354 | 645 | 626 |
Other expense | (14) | (138) | (16) | (85) |
Income before income taxes | 4,851 | 6,431 | 9,994 | 11,473 |
Provision for income taxes | (1,426) | (1,698) | (2,333) | (3,623) |
Net income | $ 3,425 | $ 4,733 | $ 7,661 | $ 7,850 |
Basic net income per common share (in usd per share) | $ 0.17 | $ 0.24 | $ 0.38 | $ 0.39 |
Diluted net income per common share (in usd per share) | $ 0.17 | $ 0.23 | $ 0.37 | $ 0.39 |
Basic weighted average common shares outstanding (in shares) | 20,252,452 | 19,957,786 | 20,211,500 | 19,927,782 |
Diluted weighted average common shares outstanding (in shares) | 20,473,751 | 20,255,248 | 20,500,335 | 20,266,914 |
Cash dividends declared per common share (in usd per share) | $ 0.3125 | $ 0.3125 | $ 0.6250 | $ 0.6250 |
Wireless revenue | ||||
Total revenue | $ 18,297 | $ 18,877 | $ 36,892 | $ 37,905 |
Software revenue | ||||
Total revenue | $ 15,685 | $ 17,586 | $ 31,999 | $ 31,738 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,425 | $ 4,733 | $ 7,661 | $ 7,850 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | (48) | 35 | (6) | 47 |
Other comprehensive (loss) income | (48) | 35 | (6) | 47 |
Comprehensive income | $ 3,377 | $ 4,768 | $ 7,655 | $ 7,897 |
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 restricted stock under the Equity Plan (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, 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 | 7,850 | |||
Cumulative translation adjustment | 47 | |||
Ending balance (in shares) at Jun. 30, 2023 | 19,962,062 | |||
Ending balance at Jun. 30, 2023 | 166,611 | $ 2 | 98,750 | 67,859 |
Beginning balance (in shares) at Mar. 31, 2023 | 19,941,852 | |||
Beginning balance at Mar. 31, 2023 | 167,368 | $ 2 | 97,702 | 69,664 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 4,733 | 4,733 | ||
Issuance of restricted stock under the Equity Plan (in shares) | 20,210 | |||
Issuance of restricted stock under the Equity Plan | 90 | 90 | ||
Amortization of stock-based compensation | 923 | 923 | ||
Cash dividends declared | (6,538) | (6,538) | ||
Cumulative translation adjustment | 35 | 35 | ||
Ending balance (in shares) at Jun. 30, 2023 | 19,962,062 | |||
Ending balance at Jun. 30, 2023 | 166,611 | $ 2 | 98,750 | 67,859 |
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 restricted stock under the Equity Plan (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 |
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 | 7,661 | |||
Cash dividends declared | (13,224) | |||
Cumulative translation adjustment | (6) | |||
Ending balance (in shares) at Jun. 30, 2024 | 20,255,615 | |||
Ending balance at Jun. 30, 2024 | 158,212 | $ 2 | 101,176 | 57,034 |
Beginning balance (in shares) at Mar. 31, 2024 | 20,237,847 | |||
Beginning balance at Mar. 31, 2024 | 160,169 | $ 2 | 99,934 | 60,233 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 3,425 | 3,425 | ||
Issuance of restricted stock under the Equity Plan (in shares) | 17,768 | |||
Issuance of restricted stock under the Equity Plan | 131 | 131 | ||
Amortization of stock-based compensation | 1,159 | 1,159 | ||
Cash dividends declared | (6,624) | (6,624) | ||
Cumulative translation adjustment | (48) | (48) | ||
Ending balance (in shares) at Jun. 30, 2024 | 20,255,615 | |||
Ending balance at Jun. 30, 2024 | $ 158,212 | $ 2 | $ 101,176 | $ 57,034 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating activities: | ||
Net income | $ 7,661 | $ 7,850 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and accretion | 2,135 | 2,501 |
Deferred income tax expense | 2,313 | 3,602 |
Stock-based compensation | 2,307 | 1,859 |
Provisions for credit losses, service credits and other | 262 | 222 |
Changes in assets and liabilities: | ||
Accounts receivable | 223 | 1,168 |
Prepaid expenses and other assets | (1,232) | (653) |
Net operating lease liabilities | (11) | (324) |
Accounts payable, accrued liabilities and other | (3,046) | (1,745) |
Deferred revenue | (1,192) | (3,282) |
Net cash provided by operating activities | 9,420 | 11,198 |
Investing activities: | ||
Purchases of property and equipment | (1,516) | (1,815) |
Net cash used in investing activities | (1,516) | (1,815) |
Financing activities: | ||
Cash distributions to stockholders | (13,715) | (13,163) |
Proceeds from issuance of common stock under the Employee Stock Purchase Plan | 131 | 90 |
Purchase of common stock for tax withholding on vested equity awards | (2,428) | (1,245) |
Net cash used in financing activities | (16,012) | (14,318) |
Effect of exchange rate on cash and cash equivalents | (6) | 47 |
Net decrease in cash and cash equivalents | (8,114) | (4,888) |
Cash and cash equivalents, beginning of period | 31,989 | 35,754 |
Cash and cash equivalents, end of period | 23,875 | 30,866 |
Supplemental disclosure: | ||
Income taxes paid | $ 241 | $ 253 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 hardware 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 June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 Revenue: Paging revenue $ 17,633 $ 18,271 $ 35,603 $ 36,796 Product and other revenue 664 606 1,289 1,109 Wireless revenue $ 18,297 $ 18,877 $ 36,892 $ 37,905 License $ 1,697 $ 3,692 $ 4,323 $ 5,310 Professional services 4,286 3,837 8,311 7,076 Hardware 334 933 718 1,289 Operations revenue 6,317 8,462 13,352 13,675 Maintenance 9,368 9,124 18,647 18,063 Software revenue $ 15,685 $ 17,586 $ 31,999 $ 31,738 Total revenue $ 33,982 $ 36,463 $ 68,891 $ 69,643 The U.S. was the only country that accounted for more than 10% of the Company’s total revenue for the three and six months ended June 30, 2024, and 2023. Revenue generated in the U.S. and internationally consisted of the following for the periods stated: For the Three Months Ended June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 United States $ 33,302 $ 35,649 $ 67,444 $ 67,860 International 680 814 1,447 1,783 Total revenue $ 33,982 $ 36,463 $ 68,891 $ 69,643 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 six months ended June 30, 2024, are as follows: (Dollars in thousands) December 31, 2023 Additions Revenue Recognized June 30, 2024 Deferred Revenue $ 26,946 $ 30,806 $ (31,998) $ 25,754 During the six months ended June 30, 2024, the Company recognized $17.0 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 six months ended June 30, 2024 are as follows: (Dollars in thousands) December 31, 2023 Additions Commissions Recognized June 30, 2024 Prepaid Commissions $ 2,285 $ 1,865 $ (1,165) $ 2,985 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 June 30, 2024, was $55.0 million, which excludes $6.0 million of additional transaction value that was deemed cancellable by the customer without significant penalty. We expect to recognize approximately $35.1 million of our remaining performance obligations over the next 12 months, with the remaining balance recognized thereafter. |
Leases
Leases | 6 Months Ended |
Jun. 30, 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 June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 Operating lease cost $ 1,015 $ 1,171 $ 2,050 $ 2,351 Short-term lease cost 2,449 2,262 4,901 4,539 Total lease cost $ 3,464 $ 3,433 $ 6,951 $ 6,890 The following table presents supplemental cash flow information: For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities - operating leases $ 2,416 $ 2,661 The following table presents the weighted average remaining lease term and discount rate: June 30, (Dollars in thousands) 2024 2023 Weighted average remaining lease term - operating leases (in years) 4.50 4.70 Weighted average discount rate - operating leases 6.28% 4.86% Maturities of lease liabilities as of June 30, 2024, were as follows: For the Year Ended December 31, (Dollars in thousands) 2024 (remaining six months) $ 1,944 2025 2,655 2026 2,195 2027 1,612 2028 1,237 Thereafter 1,432 Total future lease payments 11,075 Imputed interest (1,349) Total $ 9,726 |
Consolidated Financial Statemen
Consolidated Financial Statements' Components | 6 Months Ended |
Jun. 30, 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 June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 Depreciation Leasehold improvements $ 39 $ 14 $ 75 $ 27 Asset retirement costs (104) 64 (208) 130 Paging and computer equipment 877 967 1,778 1,905 Furniture, fixtures and vehicles 80 56 141 111 Total depreciation 892 1,101 1,786 2,173 Accretion 175 164 349 328 Total depreciation and accretion expense $ 1,067 $ 1,265 $ 2,135 $ 2,501 Accounts Receivable, Net Accounts receivable was recorded net of an allowance of $0.9 million at June 30, 2024, and $1.6 million at December 31, 2023. Accounts receivable, net includes $8.2 million and $6.0 million of unbilled receivables at June 30, 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 June 30, 2024 December 31, 2023 Leasehold improvements lease term $ 2,279 $ 2,202 Asset retirement costs 1-5 3,722 3,722 Paging and computer equipment 1-5 85,625 86,332 Furniture, fixtures and vehicles 3-5 3,204 3,129 Total property and equipment 94,830 95,385 Accumulated depreciation (87,774) (88,064) Total property and equipment, net $ 7,056 $ 7,321 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL During the three months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 295 54 349 Amounts paid (247) — (247) Reclassifications 48 (48) — Balance as of June 30, 2024 $ 302 $ 7,197 $ 7,499 The short-term portion of the balance above is included within other current liabilities in the Condensed Consolidated Balance Sheets as of June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2024, and December 31, 2023, we had no stock options outstanding. At June 30, 2024, and December 31, 2023, there were 20,255,615 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 six months ended June 30, 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 May 1, 2024 May 24, 2024 June 24, 2024 0.3125 6,624 Total $ 0.6250 $ 13,224 (1) The total declared reflects the cash dividends declared in relation to common stock, deferred stock units ("DSUs") and unvested RSUs. On July 24, 2024, our Board of Directors declared a regular quarterly cash dividend of $0.3125 per share of common stock with a record date of August 19, 2024, and a payment date of September 9, 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 six months ended June 30, 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 June 30, For the Six Months Ended June 30, (in thousands, except for share and per share amounts) 2024 2023 2024 2023 Numerator: Net income $ 3,425 $ 4,733 $ 7,661 $ 7,850 Denominator: Basic weighted average common shares outstanding 20,252,452 19,957,786 20,211,500 19,927,782 Diluted weighted average common shares outstanding 20,473,751 20,255,248 20,500,335 20,266,914 Basic net income per common share $ 0.17 $ 0.24 $ 0.38 $ 0.39 Diluted net income per common share $ 0.17 $ 0.23 $ 0.37 $ 0.39 Stock-Based Compensation Plans 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 June 30, 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 (296,920) Total equity securities available at June 30, 2024 978,784 The following table details activities with respect to outstanding RSUs, DSUs, and restricted stock under the 2020 Equity Plan for the six months ended June 30, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2024 1,035,268 $ 9.12 Granted 300,964 15.49 Vested (405,813) 10.01 Forfeited (4,044) 11.13 Unvested at June 30, 2024 926,375 $ 10.79 Of the 926,375 unvested RSUs, DSUs and restricted stock outstanding at June 30, 2024, 491,734 RSUs include contingent performance requirements for vesting purposes. At June 30, 2024, there was $5.2 million of unrecognized net compensation cost related to RSUs and restricted stock, which is expected to be recognized over a weighted average period of 1.7 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 six months ended June 30, 2024, 9,933 shares of the Company's stock were purchased, as compared to 12,558 shares purchased during the same period in 2023. The following table summarizes the activities under the ESPP from January 1, 2024, through June 30, 2024: Activity Total ESPP equity securities available at January 1, 2024 109,762 ESPP common stock purchased by eligible employees (9,933) Total ESPP equity securities available at June 30, 2024 99,829 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 June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 Performance-based RSUs $ 458 $ 373 $ 919 $ 754 Time-based RSUs, DSUs and restricted stock 679 535 1,346 1,077 ESPP 22 15 42 28 Total stock-based compensation $ 1,159 $ 923 $ 2,307 $ 1,859 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 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 $43.9 million and $46.3 million as of June 30, 2024, and December 31, 2023, respectively. We had a valuation allowance of $2.3 million as of both June 30, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES There have been no material changes during the six months ended June 30, 2024, to the commitments and contingencies previously reported in the 2023 Annual Report. |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Parties | RELATED PARTIES A 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 June 30, 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. For the six months ended June 30, 2024 and 2023, we recognized revenues of $0.8 million and $0.3 million, respectively, related to the contracts from the entity at which the individual is employed. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||||
Net income | $ 3,425 | $ 4,236 | $ 4,733 | $ 3,117 | $ 7,661 | $ 7,850 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 Revenue: Paging revenue $ 17,633 $ 18,271 $ 35,603 $ 36,796 Product and other revenue 664 606 1,289 1,109 Wireless revenue $ 18,297 $ 18,877 $ 36,892 $ 37,905 License $ 1,697 $ 3,692 $ 4,323 $ 5,310 Professional services 4,286 3,837 8,311 7,076 Hardware 334 933 718 1,289 Operations revenue 6,317 8,462 13,352 13,675 Maintenance 9,368 9,124 18,647 18,063 Software revenue $ 15,685 $ 17,586 $ 31,999 $ 31,738 Total revenue $ 33,982 $ 36,463 $ 68,891 $ 69,643 For the Three Months Ended June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 United States $ 33,302 $ 35,649 $ 67,444 $ 67,860 International 680 814 1,447 1,783 Total revenue $ 33,982 $ 36,463 $ 68,891 $ 69,643 |
Schedule of Deferred Revenue | Changes in the balance of total deferred revenue during the six months ended June 30, 2024, are as follows: (Dollars in thousands) December 31, 2023 Additions Revenue Recognized June 30, 2024 Deferred Revenue $ 26,946 $ 30,806 $ (31,998) $ 25,754 |
Schedule of Deferred Commissions | Changes in the balance of total prepaid commissions during the six months ended June 30, 2024 are as follows: (Dollars in thousands) December 31, 2023 Additions Commissions Recognized June 30, 2024 Prepaid Commissions $ 2,285 $ 1,865 $ (1,165) $ 2,985 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Lease Costs | The following table presents lease costs disaggregated by type: For the Three Months Ended June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 Operating lease cost $ 1,015 $ 1,171 $ 2,050 $ 2,351 Short-term lease cost 2,449 2,262 4,901 4,539 Total lease cost $ 3,464 $ 3,433 $ 6,951 $ 6,890 The following table presents supplemental cash flow information: For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities - operating leases $ 2,416 $ 2,661 The following table presents the weighted average remaining lease term and discount rate: June 30, (Dollars in thousands) 2024 2023 Weighted average remaining lease term - operating leases (in years) 4.50 4.70 Weighted average discount rate - operating leases 6.28% 4.86% |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities as of June 30, 2024, were as follows: For the Year Ended December 31, (Dollars in thousands) 2024 (remaining six months) $ 1,944 2025 2,655 2026 2,195 2027 1,612 2028 1,237 Thereafter 1,432 Total future lease payments 11,075 Imputed interest (1,349) Total $ 9,726 |
Consolidated Financial Statem_2
Consolidated Financial Statements' Components (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 Depreciation Leasehold improvements $ 39 $ 14 $ 75 $ 27 Asset retirement costs (104) 64 (208) 130 Paging and computer equipment 877 967 1,778 1,905 Furniture, fixtures and vehicles 80 56 141 111 Total depreciation 892 1,101 1,786 2,173 Accretion 175 164 349 328 Total depreciation and accretion expense $ 1,067 $ 1,265 $ 2,135 $ 2,501 |
Schedule of Property, Plant and Equipment | Property and equipment, net consisted of the following as of the dates stated: (Dollars in thousands) Useful Life June 30, 2024 December 31, 2023 Leasehold improvements lease term $ 2,279 $ 2,202 Asset retirement costs 1-5 3,722 3,722 Paging and computer equipment 1-5 85,625 86,332 Furniture, fixtures and vehicles 3-5 3,204 3,129 Total property and equipment 94,830 95,385 Accumulated depreciation (87,774) (88,064) Total property and equipment, net $ 7,056 $ 7,321 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 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 295 54 349 Amounts paid (247) — (247) Reclassifications 48 (48) — Balance as of June 30, 2024 $ 302 $ 7,197 $ 7,499 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 May 1, 2024 May 24, 2024 June 24, 2024 0.3125 6,624 Total $ 0.6250 $ 13,224 (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 June 30, For the Six Months Ended June 30, (in thousands, except for share and per share amounts) 2024 2023 2024 2023 Numerator: Net income $ 3,425 $ 4,733 $ 7,661 $ 7,850 Denominator: Basic weighted average common shares outstanding 20,252,452 19,957,786 20,211,500 19,927,782 Diluted weighted average common shares outstanding 20,473,751 20,255,248 20,500,335 20,266,914 Basic net income per common share $ 0.17 $ 0.24 $ 0.38 $ 0.39 Diluted net income per common share $ 0.17 $ 0.23 $ 0.37 $ 0.39 |
Schedule of Activities Under Equity Plan | The following table summarizes the activities under the 2020 Equity Plan from January 1, 2024, through June 30, 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 (296,920) Total equity securities available at June 30, 2024 978,784 Activity Total ESPP equity securities available at January 1, 2024 109,762 ESPP common stock purchased by eligible employees (9,933) Total ESPP equity securities available at June 30, 2024 99,829 |
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 six months ended June 30, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested at January 1, 2024 1,035,268 $ 9.12 Granted 300,964 15.49 Vested (405,813) 10.01 Forfeited (4,044) 11.13 Unvested at June 30, 2024 926,375 $ 10.79 |
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 June 30, For the Six Months Ended June 30, (Dollars in thousands) 2024 2023 2024 2023 Performance-based RSUs $ 458 $ 373 $ 919 $ 754 Time-based RSUs, DSUs and restricted stock 679 535 1,346 1,077 ESPP 22 15 42 28 Total stock-based compensation $ 1,159 $ 923 $ 2,307 $ 1,859 |
Revenue, Deferred Revenue And_3
Revenue, Deferred Revenue And Prepaid Commissions - Additional Information and Disaggregation of Revenue (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) revenue_component | Jun. 30, 2023 USD ($) | |
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | $ 33,982 | $ 36,463 | $ 68,891 | $ 69,643 |
Deferred revenue recognized from previous period | 17,000 | |||
United States | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | $ 33,302 | $ 35,649 | $ 67,444 | $ 67,860 |
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% | 10% | 10% |
International | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | $ 680 | $ 814 | $ 1,447 | $ 1,783 |
Wireless revenue | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Revenue primary component | revenue_component | 2 | |||
Total revenue | 18,297 | 18,877 | $ 36,892 | 37,905 |
Paging revenue | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | 17,633 | 18,271 | 35,603 | 36,796 |
Product and other revenue | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | 664 | 606 | $ 1,289 | 1,109 |
Software revenue | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Revenue primary component | revenue_component | 2 | |||
Total revenue | 15,685 | 17,586 | $ 31,999 | 31,738 |
License | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | 1,697 | 3,692 | 4,323 | 5,310 |
Professional services | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | 4,286 | 3,837 | 8,311 | 7,076 |
Hardware | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | 334 | 933 | 718 | 1,289 |
Operations revenue | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | 6,317 | 8,462 | 13,352 | 13,675 |
Maintenance | ||||
Revenues from External Customers and Long-Lived Assets | ||||
Total revenue | $ 9,368 | $ 9,124 | $ 18,647 | $ 18,063 |
Revenue, Deferred Revenue And_4
Revenue, Deferred Revenue And Prepaid Commissions - Deferred Revenues (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Contract With Customer, Asset And Liability [Roll Forward] | |
Beginning balance | $ 26,946 |
Additions | 30,806 |
Revenue Recognized | (31,998) |
Ending balance | $ 25,754 |
Revenue, Deferred Revenue And_5
Revenue, Deferred Revenue And Prepaid Commissions - Prepaid Commissions (Details) - Prepaid Commissions $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Capitalized Contract Cost [Roll Forward] | |
Beginning balance | $ 2,285 |
Additions | 1,865 |
Commissions Recognized | (1,165) |
Ending balance | $ 2,985 |
Revenue, Deferred Revenue And_6
Revenue, Deferred Revenue And Prepaid Commissions - Remaining Performance Obligations (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 55 |
Transaction value excluded from remaining performance obligation | 6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 35.1 |
Remaining performance obligation, period | 12 months |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,015 | $ 1,171 | $ 2,050 | $ 2,351 |
Short-term lease cost | 2,449 | 2,262 | 4,901 | 4,539 |
Total lease cost | $ 3,464 | $ 3,433 | 6,951 | 6,890 |
Cash paid for amounts included in the measurement of lease liabilities - operating leases | $ 2,416 | $ 2,661 | ||
Weighted average remaining lease term - operating leases (in years) | 4 years 6 months | 4 years 8 months 12 days | 4 years 6 months | 4 years 8 months 12 days |
Weighted average discount rate - operating leases | 6.28% | 4.86% | 6.28% | 4.86% |
Leases - Lease Maturities (Deta
Leases - Lease Maturities (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Leases [Abstract] | |
2024 (remaining six months) | $ 1,944 |
2025 | 2,655 |
2026 | 2,195 |
2027 | 1,612 |
2028 | 1,237 |
Thereafter | 1,432 |
Total future lease payments | 11,075 |
Imputed interest | (1,349) |
Total | $ 9,726 |
Consolidated Financial Statem_3
Consolidated Financial Statements' Components - Depreciation and Accretion (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Property, Plant and Equipment [Line Items] | ||||
Total depreciation | $ 892 | $ 1,101 | $ 1,786 | $ 2,173 |
Accretion | 175 | 164 | 349 | 328 |
Total depreciation and accretion expense | 1,067 | 1,265 | 2,135 | 2,501 |
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | 39 | 14 | 75 | 27 |
Asset retirement costs | ||||
Property, Plant and Equipment [Line Items] | ||||
Asset retirement costs | (104) | 64 | 208 | 130 |
Paging and computer equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | 877 | 967 | 1,778 | 1,905 |
Furniture, fixtures and vehicles | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 80 | $ 56 | $ 141 | $ 111 |
Consolidated Financial Statem_4
Consolidated Financial Statements' Components - Accounts Receivable, Net (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Allowance for doubtful accounts receivable | $ 0.9 | $ 1.6 |
Unbilled receivables | $ 8.2 | $ 6 |
Consolidated Financial Statem_5
Consolidated Financial Statements' Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 94,830 | $ 95,385 |
Accumulated depreciation | (87,774) | (88,064) |
Total property and equipment, net | 7,056 | 7,321 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,279 | 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 | $ 85,625 | 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 | $ 3,204 | $ 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Beginning Balance, Short-Term Portion | $ 206 | |||
Beginning Balance, Long-Term Portion | 7,191 | |||
Beginning Balance, Total | 7,397 | |||
Accretion | $ 175 | $ 164 | 349 | $ 328 |
Amounts paid | (247) | |||
Reclassifications | 0 | |||
Ending Balance, Short-Term Portion | 302 | 302 | ||
Ending Balance, Long-Term Portion | 7,197 | 7,197 | ||
Ending Balance, Total | $ 7,499 | 7,499 | ||
Short-Term Portion | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Accretion | 295 | |||
Amounts paid | (247) | |||
Reclassifications | 48 | |||
Long-Term Portion | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||
Accretion | 54 | |||
Amounts paid | 0 | |||
Reclassifications | $ (48) |
Asset Retirement Obligations _2
Asset Retirement Obligations - Additional Information (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Asset Retirement Obligation Disclosure [Abstract] | |
Estimated liability | $ 8.9 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||||
Sep. 09, 2024 | Jul. 24, 2024 | Jun. 24, 2024 | Mar. 29, 2024 | Jul. 25, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Feb. 16, 2022 | Jul. 25, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock authorized (in shares) | 75,000,000 | 75,000,000 | ||||||||||||
Common stock par value (in usd per share) | $ 0.0001 | $ 0.0001 | ||||||||||||
Preferred stock authorized (in shares) | 25,000,000 | 25,000,000 | ||||||||||||
Preferred stock par value (in usd per share) | $ 0.0001 | $ 0.0001 | ||||||||||||
Options outstanding (in shares) | 0 | 0 | 0 | |||||||||||
Common stock outstanding (in shares) | 19,992,102 | |||||||||||||
Preferred stock outstanding (in shares) | 0 | 0 | 0 | |||||||||||
Cash dividends for common stock | $ 6,624,000 | $ 6,600,000 | $ 6,624,000 | $ 6,600,000 | $ 6,538,000 | $ 6,549,000 | $ 13,224,000 | |||||||
Common stock repurchase program, authorized amount | $ 10,000,000 | |||||||||||||
Additional shares available for issuance under the 2020 Equity Plan (in shares) | 1,000,000 | |||||||||||||
Shares reserved for future issuance (in shares) | 1,268,444 | |||||||||||||
Common Stock | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock outstanding (in shares) | 20,255,615 | 20,255,615 | ||||||||||||
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] | ||||||||||||||
Cash dividends for common stock | $ 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 | 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 8 months 12 days | |||||||||||||
Compensation cost not yet recognized, share-based awards other than options | $ 5,200,000 | $ 5,200,000 | ||||||||||||
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) | 926,375 | 926,375 | 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) | 9,933 | 12,558 | ||||||||||||
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 | 6 Months Ended | ||||||
Jun. 24, 2024 | Mar. 29, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity [Abstract] | ||||||||
Per Share Amount (in usd per share) | $ 0.3125 | $ 0.3125 | $ 0.3125 | $ 0.3125 | $ 0.6250 | $ 0.6250 | ||
Cash dividends for common stock | $ 6,624 | $ 6,600 | $ 6,624 | $ 6,600 | $ 6,538 | $ 6,549 | $ 13,224 |
Stockholders' Equity - Basic an
Stockholders' Equity - Basic and Diluted Net Income Per Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||||
Net income | $ 3,425 | $ 4,236 | $ 4,733 | $ 3,117 | $ 7,661 | $ 7,850 |
Denominator: | ||||||
Basic weighted average common shares outstanding (in shares) | 20,252,452 | 19,957,786 | 20,211,500 | 19,927,782 | ||
Diluted weighted average common shares outstanding (in shares) | 20,473,751 | 20,255,248 | 20,500,335 | 20,266,914 | ||
Basic net income per common share (in usd per share) | $ 0.17 | $ 0.24 | $ 0.38 | $ 0.39 | ||
Diluted net income per common share (in usd per share) | $ 0.17 | $ 0.23 | $ 0.37 | $ 0.39 |
Stockholders' Equity - Activiti
Stockholders' Equity - Activities Under Equity Plan (Details) | 6 Months Ended |
Jun. 30, 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) | 978,784 |
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) | (9,933) |
Equity securities available, ending balance (in shares) | 99,829 |
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) | (296,920) |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Outstanding RSUs (Details) - Unvested RSUs, DSUs and Restricted Stock - 2020 Equity Plan | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Shares | |
Unvested, beginning balance (in shares) | shares | 1,035,268 |
Granted (in shares) | shares | 300,964 |
Vested (in shares) | shares | (405,813) |
Forfeited (in shares) | shares | (4,044) |
Unvested, ending balance (in shares) | shares | 926,375 |
Weighted Average Grant Date Fair Value per Share | |
Unvested, beginning balance (in usd per share) | $ / shares | $ 9.12 |
Granted (in usd per share) | $ / shares | 15.49 |
Vested (in usd per share) | $ / shares | 10.01 |
Forfeited (in usd per share) | $ / shares | 11.13 |
Unvested, ending balance (in usd per share) | $ / shares | $ 10.79 |
Stockholders' Equity - Stock-ba
Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 1,159 | $ 923 | $ 2,307 | $ 1,859 |
Performance-based RSUs | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 458 | 373 | 919 | 754 |
Time-based RSUs, DSUs and restricted stock | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | 679 | 535 | 1,346 | 1,077 |
ESPP | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation | $ 22 | $ 15 | $ 42 | $ 28 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Income Tax Contingency [Line Items] | ||
Deferred income tax assets, net | $ 43,939 | $ 46,260 |
Valuation allowance | $ 2,300 | $ 2,300 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | ||||
Total revenue | $ 33,982 | $ 36,463 | $ 68,891 | $ 69,643 |
Related Party | ||||
Related Party Transaction [Line Items] | ||||
Total revenue | $ 400 | $ 100 | $ 800 | $ 300 |