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Vince Kelly | President and CEO |
Mike Wallace | CFO |
Hemant Goel | President, Operating Company |
Good morning, and welcome to Spok's Fourth Quarter Investor Call. Today's call is being recorded. On line today, we have Vince Kelly, President and Chief Executive Officer; Mike Wallace, Chief Financial Officer; and Hemant Goel, President of Spok's Operating Company. At this time, for opening comments, I will turn the call over to Mr. Wallace. sir. ahead, go Please
you year us end Thank quarter our and XXXX investor for morning. for joining fourth Good update.
conditions. as statements are call Before These dependent I only we assurance are to plans, forward-looking to and results. or results differ statements include Spok's future company's of conference future performance. and uncertainties or revenue, expenses may want Spok's give actual results, subject represent well upon estimates forward-looking these could may statements Such statements. events to remind future materially on this income which the conference risks discuss not everyone any other date that those relating our and statements the from that to in are operating include actual call predictive business of as to financial and intended today's as estimates anticipated
I'll filed we the to statements Please on be today; Please subject later the and statements that company to our related which the are turn to or these present no business and the environment Risk past to Commission. which review risks based calls. from expect and that, to Securities to call update conference Exchange Factors XX-K, note documents With assumes contained file section Spok forward-looking that with in believes our Although XXXX obligation in compete relating are any and operations assumptions and they we reasonable, Form Vince. uncertainties. filings over
XXXX fourth and about to quarter full you, operating speak year good Mike, with our pleased We're results. today Thank and morning. you
to of platforms key achieved our both metrics and for full in operating make the exceeded capital while as our our the We performance We are operating shareholders sales and our and to encouraged we and upgrade investments key results returning continuing to infrastructure. year. our strategic the business both quarter enhance majority these met by or
details and of respect want our to paging the plan where strategically with into get we We're from still revenues the the wireless of I our outlook. company underscore we Before business with base. are a our coming quarter, to majority
While basis. on our believe the continue healthcare in investments we time in still slowed software and erosion our that own regular latest to guidance. in margins a diminished margin has this need and in its to forecasts These We shrink our of outlook will outperformed growth base over year-over-year reflected initiative. have resulted that and potential invest
founding revenue our in in last We've $XXX will stable the our range form which XXXX guidance XXXX. also first over we've of XXXX decline. exactly in the $XX that However, million have year in investments stabilizing our seen, top-line in since of of time shareholders the late in the and form cash million of generated flow. growth returned revenue the dividends the same our now to million exceeded share Since is three where you our repurchases. $XXX quarters resulted result software free Also revenue top-line revenue revenue range XXXX revenue our in have guidance as as paging
million our all have our paid We've business balances. and debt share. acquired an average software just retired increased shares $XX.XX X.X per of Our share repurchases price approximately off and our under at cash
two doubled diminish latter. to creating long-term on. the It in Board of eroded However, a path the that's with ago, over directions. About meaningful generate could healthcare pivot technologies. the focus strategy to cash a base new gone have continue XXXX us as communications one, continued have could based with our to do Number time forward to business it one was we clear to into my we paging continue We the to of as business a the to in we move judgment we could liquidating was trust. as on transition Number ability two, manage value. down our our that two smartphone free recommendation shareholder will the years we software flow
need to and share to collaboration Care software the solutions will to our believe and to performance revenue part not systems made wireless service, plan, of and execute the is first happy our we see position our as sound our in industry we we We that demonstrate will retain for future. that line value leading starting beautiful create platform. to That's We're customers, our growth continue long of we that clinical as to XXXX focus with profitability. price XXXX business people a as possible delights top our but subscribers mission. Connect the and are well long-term grow investments for make Our order the communication Spok the and we that benefits for create and believe realize in path and to investments XXXX, also our that have
through on are repurchase yesterday stockholder additional repurchased company's this it. and on With in and to XXXX authorized million a Board background, common our of comes an This of we value the that top commitment We of affirms XXXX. stock returning capital. $XX our Directors creating of million $XX as the
pleased to our revenue quarter Noteworthy of wireless represented the disconnects compared results in improved the half in fourth total half of XXXXand record as a on full was posted a We Again, quarter XX% Gross XXXX. as third well. wireless and by Now believe for the and XXXX. performance basis. year the decline to turning grew annual we quarter period. year-over-year second first revenue this our slowed the this sequential same as our particularly of quarter nearly for to momentum that the services the consecutive fourth X.X% over and year growth. revenue of strong Spok were provides enter products low solid we software
year. annual losses lows for at paging the quarter both result, a and As remained historical near the full
than quarterly and revenue decline continued pleased a reduction. to wireless as anticipated expected, units much of very are paging While in rate we year-over-year our slower by
in to software We prior pleased and year see fourth trends expectations during increased consistent improved bookings performance quarter sequentially was the Our with particularly experienced levels. than from the the annual more X% were fourth typically and quarter our we software year. bookings
Our the XX% made believe strength our product sales our levels and our Overall, prior year. and remain backlog maintain to infrastructure. sheet. due balance than and continue XXXX in have more results from the the of We up we strong profitably are these operate offerings we're enhance to investments team we
for form strategy share repurchases. ability to in allowed us healthy more dividends than flow to fourth on capital Hemant shortly. against to operating Our quarter our of million continue to and generate and highlight our to in for XXXX details financial the allocation key and the for our the want that, provide returning year. Mike I performance results $XX few activities will cash But XXXX full execute stockholders and before a
software resulted strong clinical part but rates levels X% renewal our and wireless were services a of on maintenance $XXX.X Year-over-year in as Care revenue to and consolidated software Connect of a revenue large than of for anticipated invest on continuing in prior slower by wireless part contracts. platform, software consistent due software for decline X.X% large demand of annual collaboration attrition continued levels reduction driven Spok performance continue solutions our than we million saw communication industry annual the First, down in of XXXX. leading and in very XXXX the to Sustained revenue year, from slower revenue. we trend was
management, healthcare and qualified Our sales other texting, new to markets secure North in remains marketing among smartphone pipeline hospitals and center solutions both of leads specifically Demand learning customers. our sell for for we emergency and strong. organizations existing American also solutions strong call clinical remain communications, notifications where
momentum in quarters, an and growth Although we to we meaningfully saw sequential the are past company take time the we expect for we encouraged for the grow greatly by on three will annual it basis. the XXXX more saw revenue
revenue wireless improve unit in XXXX to ARPU. our expectations trends subscriber as and again exceeded additions, net for we revenue and Next, gross churn, continue
number the year-over-year was prior a consistent units unit was lost period. paging levels during with erosion rate as XXXX year of from unchanged Our the net of
revenue we of in We a X.X% positive from lowest rate were basis the continue improvement year sharp rate pleased especially and for best a XX was our year-over-year with had Our the performing when segment reduction performing disconnects. quarter top XXXX. placements prior XX.X%, the segment, erosion wireless XXXX, point the the gross trends our in healthcare see and fourth of of market these the to highest rate from
that that benefiting we're revenue Before newer unit slower erosion. I than say of wireless for from those story, move let paging of a anticipated on, me our rate to and you are
Rico trusted Texas, They While for devices risk. as high many multiple also event physicians rapid get an tend organization If network want fit natural long their them personal separate messaging because want secure want like is communications recent emergency they to a work such a a and and situations from them. to we what or keep their the saw arriving pagers severe a from smart have smartphone communications hurricanes on only and be the for Florida Also redundancy. weather overloaded message deployment or at simulcast shootings, pager. a of in true on Las utilizes powered can be first scenarios or can smartphones such still Puerto communications Pager we satellite delivery of to and separate the responders control use interrupted. because transmitters involving an our cellular work networks Vegas fail in devastating
from migration slower pagers of these continue wireless a at than to result believe will the that pace we a occur in past. As dynamics
up but expenses platform. development lower in our which to a Third, nearly the was beginning the year. aligned is levels in with able increase were team and demand a in will this research of below XXXX amortization reflected over Care and the the cost operating product end as at Mike structure to we consolidated was same the support the were operating investment provided few only the Spok accretion low saw have fully year. essentially depreciation, Connect impairment performance of during saw we in the from minutes that guidance our we that expenses that exclude period reveal year-over-year XX% expenses X% achieve the we and Noteworthy order details
to in manage the implement strategy have We continue a that operating long-term cost provide areas platform closely as we to we make our structure and our efficiencies solid to support been continue investments across growth. able for expenses financial
in substantial to our XXXX. make business. our In focused talk XXXX, with levels. be in allocation continue Overall, to Finally, we're about in we XX strategy on number key these achieved few returning performance exceeded a we company's operating capital as to fourth continued of results I'll stockholders We we through shareholders our minutes. remain the or our with XXXX, more quarter measures. on into We pleased investments key operating value which consistent a met expectations and return to the million strategic progress than XXXX our in
many our we to accomplishments However, other in performance. had addition financial
new take market. And were applications. patient the a and year, in mobile with Let appointment we steps enhanced leadership remote invested is the a Scientific biomedical Mike around me With innovation human in happy continues supporting In year, XX-plus background mission in health, whose passion operations clinical G.E. creating talent digital a President Spok's the XXXX, the we've Healthcare. team back new leadership we the few opportunity office our on our those our veteran to and announced of continue as addition Technology brought rapidly team. IT such LaLonde. on who healthcare a for operations. revenue expertise we've to of companies improving further in Vice Officer as patient upgrade finance market our by of new strengthen driving best Costanza and him to Wallace, over physics a and this large in Early of a Professional cloud-based features business also the the Senior technical Chief of his focus existing also for we focus our to announced implementing our Officer, John solutions, of innovation engineering Financial while growing with class you. an John resources, bioelectronics, brings leadership invested monitoring as and his clinical we support revenue outline and experience advantage further healthcare Earlier Later continue of to year, XXXX. our years creative proven a solutions. take backlog team management stream strong is for conversion along We've and Chief to scaling technology to in environment into and changing profitability. in of we as appointing in our manage accelerate care Boston industry ability John who extensive strategies in strong well our in and our Services, communications development performance, Mark function the and workflow our sales models. in to support and And will lead Medtronic, and
our been have efficiency. to our goals Our increase effectiveness not only but
Our busy been has marketing team too.
we attended and and ratings conferences we XXXX. approval year high the carries numerous During shows into in where generated trade that attention tremendous momentum
Dr. this in mobility and healthcare our And Next a were week and our industry. the carry clinical communications and meaningful Officer In customer last, reputation year. leads seventh by more Dr. webinars the numerous XXXX Chief sustainable leadership present completed communication on of XXXX customer Guyton to new relationships than continue we survey and and from of suite We our reputation XXXX, Chief generate major that latest with executives our of these events. conferences solutions Medical throughout stockholders. evolution our and conducted we healthcare Nursing helped trade Conference us industry momentum demonstrated and at collaboration multiple long-term and during Officer, to stimulate We growth Exhibition. build and for source healthcare will participating intend XXX our suite in the Andrew annual our shows Nat'e to thought HIMSS solidified Annual Mellin integrated
of Hemant and handling first financial and few the Federal Mike hurricanes the XXXX examples institutions outlook look a Financial review on robocall affected spikes Vegas During year, range I XXXX helping in Las for our operating from and comment These XXXX. of aftermath also work efforts identify of to achievements volume the Officer in were operational minutes, position role healthcare Communications recent Mike? leadership scammer, the our in will proud the our highlights took. of the I Wallace, their shootings. team the I'm there our additional Spok's Then supporting President on many comments strategies forward their will the our Chief quarter. in quarter a our other regions make in fourth by but to Commission communication activities. company Goel, and we
Thanks Vince.
for XXXX. we this today would Before we year XXXX of far which Form I it will call. information cover to again review about our fourth and contains encourage you performance review and our business later financial quarter more I highlights to conference our XX-K, since full the on than operations expect financial file
focused fourth along our our contribution solid business and expense noted, year and quarter with operating we As Vince the overall full from with and continuously combined both cash continue as the made before and were full EBITDA pleased long-term to maintain we in wireless management the XXXX we year for helped flow, growth. the for long-term operating XXXX our performance invest margins progress of with for quarter Revenue meeting to business software goals. operating
remains Our continue $XXX.X and December sheet cash free a company. of we balance strong XXXX XX, balance to with as million debt a operate at
our solid of well beyond. positioned execute platform a believe have the will result of and time Since review on we year and financial of not during income our XXXX schedules Federal that In news in long-term to our goals against we fourth is XXXX line interest performance, a statement contained line As full a today, and this I basis. are release information by and much filings. quarter
quarter to of glad revenue. compared ability revenue; as $XX.X impacting Cuts further strong our Q&A brief Jobs I prior With of million certain quarterly and in would revenue with morning quarter well Rather XXXX have and this a of the million third you of in focus the of as increases and extent revenue fourth of software balance quarter items; the include erosion third fourth a revenue XXXX as in to the sequential deferred impacted by to questions our the and and fourth and software reflecting this quarter XXXX have be particularly fourth of call. X% business. address our These on grow the Total quarter results, revenue XXXX to slower December software one, four, up sheet areas. row Act of fourth I fourth a two, financial pleased X% financial to of expenses; and increases portion we to total $XX.X four other the the revenue during assets were along for quarter from wireless million with the quarter We as tax instead XXXX. Tax respect which continued three, and review $XX.X a revenue XXXX. specific from enacted a guidance about review maintenance in review our impact in quarter the selected in well was items for factors grown both respectively, specific as operations However, quarter year-over-year them want for
a revenue to of has each the to first during continued quarter Software fourth quarter operations $X $X.X low in quarter. increase From million XXXX. XXXX the of million in
of to erosion our was base rates by Additionally, solid previous half slowed from X.X% flow for Wireless installed driven quarter. reoccurring and another retention low in impressive wireless continues churn wireless cash reflecting and revenue gross X.X%. and only additions, and XX% to remains maintaining declining the This from increase [indiscernible]. by minimizing second to a revenue again reliable XXXX, Noteworthy of solution while maintenance maintenance of revenue generate renewal in our revenue historical sales stable solid significant a reflecting stream. the fourth our the team excess performance software revenue quarter providing
the in fourth XXXX. amortization operating reported fourth operating excludes $XX.X which from up and the for expenses expenses, quarter accretion million $XX.X quarter, of million consolidated depreciation, Turning to the we slightly of
our year well we're below prior at year the of reflecting Yet the totaled Care $XXX Connect XXXX, we $XXX.X level platform. that in the of million beginning expenses XXXX. in range of million For versus $XXX.X low-end established of increased our guidance the investment the Spok operating million $XXX had to full million
expenses expenses X% quarter over $X.X the of driven Our from increase in primarily development XXXX same increased the and in $X.X million operating by fourth or approximately the period. fourth of XXXX quarter research
to For the XXXX Vince levels. for expenses annual increase a strategy, full minutes rate few in year of $X.X our near increase year-over-year planned XXXX, term diminish while in revenue. in other on of the will basis. efficiencies the million the growth these continue we time. expense, Again, investment year course approximately of we the expense R&D anticipated of driven expenses increase from million a expectations to reflecting increased our decline in $X.X total declines a by outline year-over-year XXXX operating and and R&D categories over the believe in expenses In will support expenses in to R&D prior over Offsetting the while implemented expect
Specifically we delivering cost internal wireless we reductions the which coupled of a and more lower maintenance external and service business. software as more in focused to marketing implementation become in erosion our continue hardware revenue rental organization in rationalize of expenses solutions reductions include efficient continued sales lean and services with costs as in our and
Additionally, we continue product to staff. adjust of and the including in requirements our our our employee levels to investments changing meet business development
XXXX. accretion primarily XXX equivalent in amortization levels year and time the due quarter to same XXX or XXXX intangible year expense FTEs at full decreased assets. FTEs December and associated were employees XX, end compared our XXXX to fourth full XXXX of lower Our versus the in Depreciation, with amortization at
rebranding due resulted increased year. with remember assets for expense XXXX, to the which in in revised amortization that the may in amortization Amcom have associated acquisition our we you As the intangible period
wireless were million in expenses primarily purchase support capital were customers. the and pagers for of quarter to infrastructure XXXX of $X.X the Our our fourth and incurred
totaled the this $X.X the level full platform million from Spok in of up support to $X.X XXXX investment million reflecting expenses increased Care Connect development. year, For capital
the However, have of of time. of strategy at portion expenses of had remain our our should we were to the million XXXX and million capital beginning believe past XXXX. generally we at guidance the levels that to that major flat $X over support low-end the CapEx requirements range We $XX provided
Federal DTAs, benefits year third in the with levels fully passed from primarily from is assets quarter a to expect revaluation valuation and in the tax end. net DTAs consist Federal Act rate to on significant expect as no amount XXXX. regular $XX.X at which The through the DTAs. or The approximately million decline XXXX the to our of in was DTAs have future by all DTAs, Also allowance primarily Jobs our virtually taxes strong, associated remains with not at our we operating XX% We expire and deferred these pay foreseeable Cuts XXXX. at income. balance of DTAs income allow December we sharp the a million had of we DTA driven will to Tax realize the of from was results Looking XX%. taxable our our losses us balance sheet which in shelter these our availability XX, as of cash longer December reduction Based under do for years $XXX.X the
expenses million we XXXX range and current million million million. we $XX.X increase from the guidance to We cash which amortization in year, are subject to for XXXX, Spok generation $XXX those $XX levels. of million, I $X further capital net revenue change. and to comment to that that generated once to this from range allocation from software $XXX the software additional million trends Also shortly. again fourth cash of With capital have guidance $XX.X always is million. in that expect return expenses financial to to revenue X.X% than Included guidance anticipate strategy and an excluding wireless typical are $X our expect $XXX for Included our XXXX. components operating release to and trends based earnings and with Vince depreciation, again shareholders total are to annual to we you that on year. total will $XXX During our remind our from would accretion capital respect on as projections in expectations to schedule offset million for partially quarter included comprise expenditures. detailing range revenue more Spok's to million our XX.X%
a of the Before briefly to defined quarter revenue the ASC assets have like we with implemented recent new over related I of guidance retained and provide contracts customer. will XXXX results. and to are impact retrospective customers. pronouncement standard, recognition performance new you on of have to in considering first accounting determination match selected that methods requirements is satisfaction for on set call the turn statements. approach, our revenue After Under accounting modified will standard retrospective prepaid the obligation modified permitted the financial companies comment probably recognized the recognition our consolidated and to the aware the XXXX the we I'd all under of earnings reviewing Hemant, be purpose deferred cohesive relevant circumstances of a two facts with main is revenue from approach. provides revenue, such The with the and how that and an transition when the and disclosure XXX better
finalize While a we previously be will expected be as expenses XXXX. acceleration than beginning primarily for $X continue We This adjustment certain revenue to to X, well result is million earnings $X which currently to retained before. amortization of the the to which over recognized recognized license service period over period are combined of of we as estimate longer the a commission and between January our adjustment increase impact million. balances as
disclosing to impact We first for we filing. most While assess with believe this impact and software accounting our the XXXX quarter finalize anticipate standard our we revenue. significant beginning which to that continue relates license of the
to than period standard. service accelerating subscription revenue revenue We when or to existing available combined recognized a be recognition revenue expect to software customer license thereby over made compared period when rather the the
that, because periods there quarter a the standard. current is our the on for the to marketing to sales provide update reconciliation of using ASC or over to XXXX, With we no earnings historical you the level so for the currently who the In XXX under comparable as comparable ASC and prior Hemant? Hemant playing XXX and turn approach. include treatment, releases new you I are ASC Goel, modified results will will XXX However, pronouncement basis activities. field will utilizing fourth call to when retrospective
Thank morning. Mike good you, and
As of last total fourth an teams annual last quarter sales renewal you've remain XX% for solutions strong up totaling in more including and the bookings quarter. Maintenance organizations of Honor Spok year. performance revenue current in delivered in and than hospitals XXXX Roll Connect new XX than use was rates maintenance now More bookings over and Spok million. XX quarter and This indicates software quarter. than including $XX heard, than X.X% our increase at the more from Care by health more XXXX fourth healthcare Best that the U.S. Hospitals selected means during That XXXX XXX adults children's all organizations the
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multi-hospital physicians the call communications a notification centralized all Health on originate is develop response with Canada. established and Spok center times partnership customer This the staff, and vital across regional and collaboration in preferences. We hospitals customer Electronic center to system workflows to on critical this Records recently satisfaction improve provide Integration that health and medical secure new with The has Care encrypted healthcare directory, other is events. a messaging automate enable customer leverage scheduling notably between collaboration customers. contact or Connect based quarter with a hospital and code choose in our in southern and most Another escalation systems their a Minnesota to EHR. and EHRs multiyear large integrations mobile will with
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Mark professional backlog of As as we guidance, Under Vice delivering Spok already his saw the quality. this levels improve haven't quarter-over-quarter accurate to million, on of Vince joined conversion forecasting Services. Mark's in mission tuned $X.X while XX.X% He's business maintaining X.X% of Mark group accelerate more strong delivery. into revenue our and and Senior customer quarter scaling our operations processes high Professional the in in mentioned, in revenue President Costanza fourth our our stream. a improvement of product provide services to and past has up He's product our year-over-year. satisfaction we fine area ways
with single and platform in with reps Connect. offers solutions Most Care selling the offer a claim no communication We but point enterprise our our talk having competitors a sales Spok the team clinical solutions about in sales by enterprise Many of to market of and also updated this breadth of enterprise in communication one a healthcare. partnering that deliver connected several experience adding solutions delivers only have who companies others. can platform variety of collaboration
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relationships, Spok they mortality that investment and hospitals Advisory site. solutions how improving return care from have rates from a the and Spok often posted us rely formed of and leaders measured these solutions. nationwide. customers results in healthcare know systems on by these feedback, Advisory using the is workflows Council. In Council recommendations. reduced of country Many health advice ROI across These have notable and on example XX% by our Web delivery Through our on close solutions shared patient Nurse of we hospital make difference measure provide outcomes. One also We rated that a with sepsis we a Physician our patient relevant top a is
Puerto I Now during Hurricane example ravaged fourth Maria to contribution third Rico. mention our made an situations the of quarter. Spok quarter call, after disaster want the in Shortly
formerly X after Project did spectrum powered to In Spok the at infrastructure. we the those Rico, large. the Hurricanes Working greater the Harvey specifically balloon Loon for island Puerto Federal developed by and Irma, support lent significant island. we community supported authorities, wireless damage island's government the and with As to local which there connectivity of caused the was brought Google customers Internet of by X in and needs we
[bright to I [ph] our ongoing things marketing want to on to help brand, Before update back provide sales and establish leads] fill pipeline. the brief turning Vince, a us activities designed our
on leadership. reputation We continue to our and industry build top
quarter, quarter marketing building We programs the than review with delivered Our organization Becker's partnership the our strategy in leads C-suite marketing participated and events XXX paid four Hospital leaders. strong with for healthcare establish relationships healthcare during In on advertising record our generating fourth again a once to more results. healthcare publication.
leads and In pipeline, communication awareness to increase helped our amongst potential our about our C-suites every customers customers types months, our to has the to in XX generating our platform. in and measure, of past XX%. addition enterprise these By adding brand over investment an healthcare activities sales deliver strategy to believe
Our in bookings gaining continue brand to marketplace traction the our and is grow.
market and continued it for to pass expect With we forward healthcare. over demand in clinical our platform communication Looking I Vince. collaboration will that,
key business our outline outlook, me minutes to Hemant. you, to few goals With let respect strategy. take our and Thank a
collaboration years transformation a strategic segments. clinical and our from management solutions for single was title our This move is intentional largest call on As a secured ago, center solutions about we direction shift Care five-year single strategy opening alarm customers comments, Connect. call point to software, platform in plan that customer and pivot for very in I product mentioned communication two my offering integrated a signaled offering that a Spok for messaging embarked healthcare our them a
hospitals more offering as As a customers we've Care the us with, two many healthcare several to unified across telling large simplification were and versions American market, customers enterprise. business introduce and too the The we previously they and reasons products to platforms our as with we market XXXX our our our offering make currently solutions on outlined, Connect to platform since for potential many customer positioning. thirds not been including more our expand are decision multiple we've of on needed approach different shift opportunity and working than currently serve focus our we Spok different resulted healthcare communications needs the North competitive
that comprehensive for ours As platform healthcare single we concluded no one offers communications. as integrated a else as
two the while platform. experience people existing envisioned We've legacy. their and communications to in past We to product our and sales, years, development, to training enterprise the focus plan for recruited the our vision. teams additional We providing our tools new newly build products implement talent on the in for with the expertise we've to existing to a clinical For on devised experts teams, and additional strategic recruited certification work resources approach. strategy map created invested added increase healthcare
made progress. With the loyal customers, excellent our help of we've
clinical have mission. of done core this of our the foundation work strong communication support Our in and employees proud is are we of
became much we accomplished together since We have Spok. so
healthcare on leading focused the laser for Spok industry. Connect, communication are making collaboration the clinical Care We platform
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technology solution the offering platform, for industry validated future. Our by path enterprise we strategy creates confident of database, an right single single been customers customers We're analysts. are both a our that single now has in for and and endorsed healthcare our
and our long-term commitment we our guidance, believe continue value. stockholder critical and to deliver year achieve opportunities that respect We this drive to background leading and as investments industry communication long-term Spok platform collaboration and So growth. strategy organic XXXX supporting Connect with Care to are named with in near-term clinical our in investing these address to
a the a ranges increase in increase our an increase capital R&D expenses R&D in $XX.X continued As supporting nearly an backdrop, our totaled necessary range million, XXXX expenses the in impact expenditure our this about including year to strategy. We've order we XXXX investment resources ago. R&D prior the the strategic that as of to level hires as plan in year of totaled and Mike anticipate guidance add $XX.X XXXX, In XX% XXXX. to full we million reflected expense few planning from minutes XXXX, one-third outlined of our the nearly levels. expense last expenses the guidance and And of level can from human we made XX% execute in year support increase from year that XX% to
this efficiency continue there We to plan. also efforts risk. support a opportunities. plan commitment our not in lightly and marketing effectiveness undertake and is short-term not We to sales increase our is This and do
to starting platform the believe see bring is efficiencies it business our market to growth we as we enhance sales benefits, we However, and other that and and fully market. are opportunities, the there
and sustainable has strategy, to a revenue maximizing to operating improve growth, long-term allocation that growth with dividends been business our included multifaceted strategic achieve capital our Finally, stockholder capital investments share our infrastructure through respect overall strategy while key and to acquisitions Connect could and has goal potential value creating accelerating additional functionality drive potential allocation to value platform platform. is clinical believe and long-term Care succeed in the enhancing solution accretive are in communication our healthcare and long-term stockholder collaboration to long-term streams, We that earnings. market and Spok to is provide large revenue our path best and that repurchases,
but mind not high to our and closed continue expectations premium will opportunities, continued given to evaluate integration acquisitions have the relative We risks. to
the in use healthcare and capability and research progress development solutions creating on industry customer accelerate focused more aggressively that of collaboration order to believe focus communication to is portfolio capital best our and base. we product resources and our own capitalizes current clinical and an management, platform toward our invest Now, leading our in large
repurchasing up share For are per to and and our $XX future committed development stock million value. company aggressively increase XXXX, dividend quarterly in benefit the we stockholder paying investments create and of to we our long-term research to our continue $X.XXX while
additional ask plans reflect long-term as the believe Board would and ask beliefs and for your core future plans our those with initial open up, continue a of earnings. one will with when questions each and capital accountability. first, and we our Operator? of and our We evaluate will and the to values our after solutions you with to a matter, limit putting the call share allows. allocation remain report communicate then other providing We to past quarterly capital uses our stockholder that respect and Directors to operator to basis time results We take dividends, the And point, value. questions. consistent are you delivery At your our questions of we up. and of values on customer strategy innovation quarter Wrapping that repurchases to this I'll advisors follow we committed
Instructions] [Operator you. Thank
now. in seeing Operator, queue the anyone right I'm not
So soon. someone unless if pop in there
going probably we're to up. wrap think I
with for our after look again this speaking So We us release forward April. a results quarter Everyone you look morning. first great joining everyone in have thank to you day. we
This concludes today's call. Thank participation. you for your
disconnect. now may You
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