Exhibit 99.1
NEWS RELEASE

CONTACT:

Lisa Fortuna or Mike Cummings

312-445-2866

spok@alpha-ir.com

Spok Reports Fourth Quarter and Full Year 2021 Results

Dividend Increases by 150%, from $0.125 per quarter to $0.3125 per quarter in Connection with Announcement of New Strategic Business Plan

Alexandria, Va. (February 17, 2022) - Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in healthcare communications, today announced results for the fourth quarter and full year ended December 31, 2021. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.3125 per share, payable on March 30, 2022, to stockholders of record on March 16, 2022.

2021 Fourth Quarter and Full Year Highlights:

•Achieved full year 2021 financial guidance for revenue, adjusted operating expenses and capital expenditures

•Cash, cash equivalents and short-term investments balance of $59.6 million at December 31, 2021, and no debt

•Wireless ARPU (average revenue per unit) in 2021 totaled $7.30, equivalent to 2020

•Launched the Next Generation of Paging with the Launch of its new GenATM Pager

•Subsequent to the end of the fourth quarter 2021, was voted top-rated secure communications platform by healthcare industry clients in Black Box Industry 2022 survey

Spok.com

1

	Exhibit 99.1
NEWS RELEASE

2021 Fourth Quarter and Full Year Results:

Consolidated revenue for the fourth quarter of 2021 under Generally Accepted Accounting Principles (“GAAP”) was $34.5 million, compared to $37.5 million in the fourth quarter of 2020. For the year ended December 31, 2021, consolidated revenue totaled $142.2 million, compared to $148.2 million in the prior year.

	For the Three Months Ended December 31,						For the year ended December 31,
(Dollars in thousands)	2021		2020		Change (%)		2021		2020		Change (%)
Wireless revenue
Paging revenue	$	18,513	$	19,513	(5.1)	%	$	75,845	$	79,916	(5.1)	%
Product and other revenue	690		787		(12.3)	%	2,981		3,677		(18.9)	%
Total wireless revenue	$	19,203	$	20,300	(5.4)	%	$	78,826	$	83,593	(5.7)	%
Software revenue
License	$	1,495	$	1,487	0.5	%	$	5,494	$	5,179	6.1	%
Professional services	3,783		4,777		(20.8)	%	17,161		17,910		(4.2)	%
Hardware	573		961		(40.4)	%	2,267		2,841		(20.2)	%
Subscription	155		42		269.0	%	423		66		540.9	%
Maintenance	9,335		9,913		(5.8)	%	37,982		38,591		(1.6)	%
Total software revenue	15,341		17,180		(10.7)	%	63,327		64,587		(2.0)	%
Total revenue	$	34,544	$	37,480	(7.8)	%	$	142,153	$	148,180	(4.1)	%

Operating expenses in the fourth quarter of 2021 totaled $55.4 million and included $15.7 million in noncash impairment charges for capitalized software development, and $1.1 million in additional payroll and related costs from less time on furlough for employees in 2021 compared to 2020. Operating expenses for the full year 2021 totaled $169.9 million and included $15.7 million in noncash impairment charges for capitalized software development, and $3.8 million in additional payroll and related costs from less time on furlough for employees in 2021 compared to 2020.

Spok.com

2

	Exhibit 99.1
NEWS RELEASE

Adjusted operating expenses (which excludes depreciation, amortization and accretion, goodwill and capitalized software development impairment costs, and severance and restructuring costs, and includes capitalized software development costs) totaled $39.5 million in the fourth quarter of 2021. Adjusted operating expenses for the full year 2021 totaled $154.3 million.

	For the three months ended December 31,						For the year ended December 31,
(Dollars in thousands)	2021		2020		Change(%)		2021		2020		Change(%)
Operating expenses	$	55,355	$	61,930	10.6	%	$	169,871	$	170,845	0.6	%
Adjusted operating expenses	$	39,535	$	37,109	(6.5)	%	$	154,284	$	147,342	(4.7)	%

GAAP net loss for the fourth quarter of 2021 was $16.7 million, or a loss of $0.86 per diluted share, compared to net loss of $46.6 million, or $2.44 per diluted share, in the fourth quarter of 2020. GAAP net loss for the year ended December 31, 2021, was $22.2 million, or a loss of $1.14 per diluted share, compared to net loss of $44.2 million, or $2.32 per diluted share, in the prior year period.

For the fourth quarter of 2021, adjusted EBITDA loss totaled $3.8 million compared to adjusted EBITDA of $1.7 million in the fourth quarter of 2020. For the year ended December 31, 2021, adjusted EBITDA loss totaled $4.9 million, compared to adjusted EBITDA of $6.3 million in the prior year period. Based on the Company's fourth quarter assessment of its capitalized software development costs, the 2021 fourth quarter and full year net loss included a non-cash impairment charge of $15.7 million, which increased the 2021 fourth quarter and full year net loss per basic share by $0.81.

	For the three months ended December 31,						For the year ended December 31,
(Dollars in thousands)	2021		2020		Change(%)		2021		2020		Change(%)
Net loss	$	(16,669)	$	(46,610)	64.2	%	$	(22,180)	$	(44,225)	49.8	%
Basic and diluted net loss per common share	$	(0.86)	$	(2.44)	64.8	%	$	(1.14)	$	(2.32)	50.9	%
Adjusted EBITDA	$	(3,788)	$	1,719	(320.4)	%	$	(4,892)	$	6,346	(177.1)	%

Spok.com

3

	Exhibit 99.1
NEWS RELEASE

Financial Outlook:

Regarding financial guidance, the Company expects the following for 2022:

(Unaudited and in millions)	Current Guidance Full Year 2022
	From		To
Revenue
Wireless	$	71.6	$	77.0
Software	$	54.4	$	62.2
Total Revenue	$	126.0	$	139.2
Adjusted Operating Expenses	$	118.8	$	128.6
Capital Expenditures	$	3.4	$	4.2

2021 Fourth Quarter Call:

A conference call will be held today, February 17, 2022, at 8:30 a.m. Eastern Time to discuss fourth quarter and full year 2021 results and Spok's new strategic business plan that was announced today.

Telephone Conference Dial-Ins:

Participant / Guest (Toll-Free):	877-407-0890
Participant / Guest (International):	201-389-0918

Webcast Links:

Live-Link (after the event the OnDemand version will be available under this URL as well):

https://www.webcast-eqs.com/spok02172022_en/en

* * * * * * * * *

About Spok

Spok, Inc., a wholly owned subsidiary of Spok Holdings, Inc. (NASDAQ: SPOK), headquartered in Alexandria, Virginia, is proud to be a 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 Care Connect® platforms to enhance workflows for clinicians and support administrative compliance. Our customers send over 100 million messages each month through their Spok®

Spok.com

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	Exhibit 99.1
NEWS RELEASE

solutions. When seconds count and patients' lives are at stake, Spok enables smarter, faster clinical communication. For more information, visit spok.com or follow @spoktweets on Twitter.

Spok is a trademark of Spok Holdings, Inc. Spok Go and Spok Care Connect are trademarks of Spok, Inc.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: adjusted operating expenses and adjusted EBITDA. Adjusted operating expenses excludes depreciation, amortization and accretion, goodwill and capitalized software development impairment costs, and severance and restructuring costs, and includes capitalized software development costs. Adjusted EBITDA represents net income/(loss) before interest income/expense, income tax expense/benefit, depreciation, amortization and accretion expense, goodwill and capitalized software development impairment costs, severance and restructuring costs, and stock-based compensation expense and includes capitalized software development costs.

We believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Spok's financial condition and results of operations. We use these non-GAAP measures for financial, operational, and budgetary decision-making purposes, to understand and evaluate our core operating performance and trends, and to generate future operating plans. We believe that these non-GAAP financial measures permit us to more thoroughly analyze key financial metrics used to make operational decisions and allow us to assess our core operating results. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other software companies who present similar non-GAAP financial measures. We adjust for certain items because we do not regard these costs as reflective of normal costs related to the ongoing operation of the business in the ordinary course. In general, these items possess one or more of the following characteristics: non-cash expenses, factors outside of our control, items that are non-operational in nature, and unusual items not expected to occur in the normal course of business.

We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures, which are included in this press release, and not to rely on any single financial measure to evaluate our business.

Spok.com

5

	Exhibit 99.1
NEWS RELEASE

Safe Harbor Statement under the Private Securities Litigation Reform Act

Statements contained herein or in prior press releases which are not historical fact, such as statements regarding Spok’s future operating and financial performance, are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that may cause Spok’s actual results to be materially different from the future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include, but are not limited to, risks related to Spok's new strategic business plan, including its ability to maximize revenue and cash generation from its established businesses and return capital to shareholders, risks related to the COVID-19 pandemic and its effect on our business and the economy, other economic conditions such as recessionary economic cycles, higher interest rates, inflation and higher levels of unemployment, declining demand for paging products and services, continued demand for our software products and services, our dependence on the U.S. healthcare industry, our ability to develop additional software solutions for our customers and manage our development as a global organization, the ability to manage operating expenses, particularly third-party consulting services and research and development costs, future capital needs, competitive pricing pressures, competition from traditional paging services, other wireless communications services and other software providers, many of which are substantially larger and have much greater financial and human capital resources, changes in customer purchasing priorities or capital expenditures, government regulation of our products and services and the healthcare and health insurance industries, reliance upon third-party providers for certain equipment and services, unauthorized breaches or failures in cybersecurity measures adopted by us and/or included in our products and services, the effects of changes in accounting policies or practices, our ability to realize the benefits associated with our deferred tax assets, future impairments of our long-lived assets, amortizable intangible assets and goodwill, the effects of our limited-duration shareholder rights plan, and the outcome of Spok's strategic alternatives review, as well as other risks described from time to time in our periodic reports and other filings with the Securities and Exchange Commission. Although Spok believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Spok disclaims any intent or obligation to update any forward-looking statements.

Tables to Follow

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SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (a)
(Unaudited and in thousands except share, per share amounts and ARPU)
	For the three months ended						For the year ended
	12/31/2021			12/31/2020			12/31/2021			12/31/2020
Revenue:
Wireless	$	19,203		$	20,300		$	78,826		$	83,593
Software	15,341			17,180			63,327			64,587
Total revenue	34,544			37,480			142,153			148,180
Operating expenses:
Cost of revenue (exclusive of items shown separately below)(b)	8,278			8,631			32,574			31,355
Research and development	4,958			4,166			17,920			15,828
Technology operations	7,469			7,371			29,247			29,843
Selling and marketing	5,123			5,004			20,168			19,467
General and administrative(b)	11,170			9,248			43,853			40,289
Depreciation, amortization and accretion	2,694			2,503			10,446			9,056
Goodwill and capitalized software development impairment	15,663			25,007			15,663			25,007
Total operating expenses	55,355			61,930			169,871			170,845
% of total revenue	160.2		%	165.2		%	119.5		%	115.3		%
Operating loss	(20,811)			(24,450)			(27,718)			(22,665)
% of total revenue	(60.2)		%	(65.2)		%	(19.5)		%	(15.3)		%
Interest income	56			51			320			687
Other income	54			95			66			208
Loss before income taxes	(20,701)			(24,304)			(27,332)			(21,770)
Benefit from (provision for) income taxes	4,032			(22,306)			5,152			(22,455)
Net loss	$	(16,669)		$	(46,610)		$	(22,180)		$	(44,225)
Basic and diluted net loss per common share	$	(0.86)		$	(2.44)		$	(1.14)		$	(2.32)
Basic weighted average common shares outstanding	19,483,004			19,088,329			19,404,477			19,028,918
Cash dividends declared per common share	0.125			0.125			0.500			0.500
Key statistics:
Units in service	847			885			847			885
Average revenue per unit (ARPU)	$	7.26		$	7.30		$	7.30		$	7.30
Bookings	$	14,793		$	16,528		$	59,543		$	68,994
Backlog	$	43,361		$	50,504		$	43,361		$	50,504
(a) Slight variations in totals are due to rounding.
(b) The Company made reclassifications of $3.3 million and $2.8 million from General and administrative expense to the Cost of revenue expense category for the years ended December 31, 2021, and 2020, respectively.

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (a)
(Unaudited and in thousands except share, per share amounts and ARPU)
	For the three months ended
	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020			6/30/2020			3/31/2020
Revenue:
Wireless	$	19,203		$	19,644		$	19,859		$	20,120		$	20,300		$	20,828		$	21,078		$	21,386
Software	15,341			16,207			15,864			15,916			17,180			16,865			14,661			15,881
Total revenue	34,544			35,851			35,723			36,036			37,480			37,693			35,739			37,267
Operating expenses:
Cost of revenue (exclusive of items shown separately below) (b)	8,278			8,312			7,876			8,108			8,631			7,347			6,492			8,884
Research and development	4,958			4,178			4,278			4,506			4,166			3,459			2,754			5,449
Technology operations	7,469			7,439			7,087			7,252			7,371			7,357			7,212			7,904
Selling and marketing	5,123			5,165			4,980			4,900			5,004			4,272			3,831			6,361
General and administrative (b)	11,170			11,746			10,654			10,283			9,248			10,191			10,219			10,631
Depreciation, amortization and accretion	2,694			2,568			2,457			2,727			2,503			2,335			2,072			2,146
Goodwill and capitalized software development impairment	15,663			—			—			—			25,007			—			—			—
Total operating expenses	55,355			39,408			37,332			37,776			61,930			34,961			32,580			41,375
% of total revenue	160.2		%	109.9		%	104.5		%	104.8		%	165.2		%	92.8		%	91.2		%	111.0		%
Operating (loss) income	(20,811)			(3,557)			(1,609)			(1,740)			(24,450)			2,732			3,159			(4,108)
% of total revenue	(60.2)		%	(9.9)		%	(4.5)		%	(4.8)		%	(65.2)		%	7.2		%	8.8		%	(11.0)		%
Interest income	56			141			61			61			51			127			146			363
Other income (expense)	54			10			29			(27)			95			151			101			(137)
(Loss) income before income taxes	(20,701)			(3,406)			(1,519)			(1,706)			(24,304)			3,010			3,406			(3,882)
Benefit from (provision for) income taxes	4,032			912			800			(591)			(22,306)			155			353			(657)
Net (loss) income	$	(16,669)		$	(2,494)		$	(719)		$	(2,297)		$	(46,610)		$	3,165		$	3,759		$	(4,539)
Basic net (loss) income per common share	$	(0.86)		$	(0.13)		$	(0.04)		$	(0.12)		$	(2.44)		$	0.17		$	0.20		$	(0.24)
Diluted net (loss) income per common share	(0.86)			(0.13)			(0.04)			(0.12)			(2.44)			0.16			0.20			(0.24)
Basic weighted average common shares outstanding	19,483,004			19,464,893			19,395,364			19,272,786			19,088,329			19,051,502			19,016,853			18,958,716
Diluted weighted average common shares outstanding	19,483,004			19,464,893			19,395,364			19,272,786			19,088,329			19,208,452			19,115,148			18,958,716
Key statistics:
Units in service	847			853			869			874			885			898			915			926
Average revenue per unit (ARPU)	$	7.26		$	7.29		$	7.32		$	7.34		$	7.30		$	7.34		$	7.24		$	7.31
Bookings	$	14,793		$	17,116		$	13,037		$	14,597		$	16,528		$	21,414		$	15,411		$	15,639
Backlog	$	43,361		$	45,584		$	45,632		$	48,849		$	50,504		$	51,708		$	48,441		$	49,052
(a) Slight variations in totals are due to rounding.
(b) The Company made reclassifications from General and administrative expense to the Cost of revenue expense category of $0.8 million for the first and second quarters of 2021, $0.9 million for the third and fourth quarters of 2021, $0.6 million for the first and second quarters of 2020, and $0.8 million for the third and fourth quarters of 2020.

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS(a)
(In thousands)
	12/31/2021		12/31/2020
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$	44,583	$	48,729
Short-term investments	14,999		29,995
Accounts receivable, net	26,908		29,934
Prepaid expenses	6,641		8,958
Other current assets	922		1,269
Total current assets	94,053		118,885
Non-current assets:
Property and equipment, net	6,746		7,815
Operating lease right-of-use assets	15,821		14,016
Capitalized software development, net	—		10,179
Goodwill	99,175		99,175
Intangible assets, net	—		417
Deferred income tax assets, net	31,653		25,826
Other non-current assets	706		978
Total non-current assets	154,101		158,406
Total assets	$	248,154	$	277,291
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	5,292	$	6,685
Accrued compensation and benefits	13,948		14,103
Deferred revenue	25,608		27,686
Operating lease liabilities	5,405		5,264
Other current liabilities	4,745		3,702
Total current liabilities	54,998		57,440
Non-current liabilities:
Asset retirement obligations	6,355		7,289
Operating lease liabilities	11,883		9,456
Other non-current liabilities	1,227		2,493
Total non-current liabilities	19,465		19,238
Total liabilities	74,463		76,678
Commitments and contingencies
Stockholders' equity:
Preferred stock	$	—	$	—
Common stock	2		2
Additional paid-in capital	97,291		91,780
Accumulated other comprehensive loss	(1,588)		(1,452)
Retained earnings	77,986		110,283
Total stockholders' equity	173,691		200,613
Total liabilities and stockholders' equity	$	248,154	$	277,291
(a) Slight variations in totals are due to rounding.

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (a)
(Unaudited and in thousands)
	For the year ended
	12/31/2021		12/31/2020
Operating activities:
Net loss	$	(22,180)	$	(44,225)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and accretion	10,446		9,056
Goodwill and capitalized software development impairment	15,663		25,007
Valuation allowance	—		22,108
Deferred income tax (benefit) expense	(5,483)		438
Stock-based compensation	7,239		5,508
Provisions for credit losses, service credits and other	1,162		1,212
Changes in assets and liabilities:
Accounts receivable	1,833		(1,588)
Prepaid expenses and other assets	2,594		1,445
Net operating lease liabilities	763		10
Accounts payable, accrued liabilities and other	(679)		4,017
Deferred revenue	(3,390)		3,175
Net cash provided by operating activities	7,968		26,163
Investing activities:
Purchases of property and equipment	(4,393)		(3,455)
Capitalized software development	(10,842)		(11,252)
Purchase of short-term investments	(44,990)		(59,864)
Maturity of short-term investments	60,000		60,000
Net cash used in investing activities	(225)		(14,571)
Financing activities:
Cash distributions to stockholders	(10,025)		(9,771)
Proceeds from issuance of common stock under the Employee Stock Purchase Plan	132		301
Purchase of common stock for tax withholding on vested equity awards	(1,860)		(903)
Net cash used in financing activities	(11,753)		(10,373)
Effect of exchange rate on cash and cash equivalents	(136)		149
Net (decrease) increase in cash and cash equivalents	(4,146)		1,368
Cash and cash equivalents, beginning of period	48,729		47,361
Cash and cash equivalents, end of period	$	44,583	$	48,729
Supplemental disclosure:
Income taxes (refunds received) paid	$	(126)	$	1
(a)Slight variations in totals are due to rounding.

SPOK HOLDINGS, INC.
CONSOLIDATED REVENUE
SUPPLEMENTAL INFORMATION (a)
(Unaudited and in thousands)
	For the three months ended
	12/31/2021		9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020		3/31/2020
Revenue
Paging	$	18,513	$	18,844	$	19,135	$	19,353	$	19,513	$	19,961	$	19,990	$	20,451
Non-paging	$	690	$	800	$	724	$	767	$	787	$	867	$	1,088	$	935
Total wireless revenue	$	19,203	$	19,644	$	19,859	$	20,120	$	20,300	$	20,828	$	21,078	$	21,386
License	$	1,495	$	1,674	$	818	$	1,507	$	1,486	$	1,988	$	749	$	955
Services	$	3,783	$	4,159	$	4,865	$	4,354	$	4,778	$	4,772	$	3,812	$	4,549
Equipment	$	573	$	596	$	482	$	616	$	961	$	554	$	601	$	725
Subscription	$	155	$	133	$	90	$	45	$	42	$	24	$	—	$	—
Operations revenue	$	6,006	$	6,562	$	6,255	$	6,522	$	7,267	$	7,338	$	5,162	$	6,229
Maintenance revenue	$	9,335	$	9,645	$	9,609	$	9,394	$	9,913	$	9,527	$	9,499	$	9,652
Total software revenue	$	15,341	$	16,207	$	15,864	$	15,916	$	17,180	$	16,865	$	14,661	$	15,881
Total revenue	$	34,544	$	35,851	$	35,723	$	36,036	$	37,480	$	37,693	$	35,739	$	37,267
(a) Slight variations in totals are due to rounding.

SPOK HOLDINGS, INC.
CONSOLIDATED OPERATING EXPENSES
SUPPLEMENTAL INFORMATION (a)
(Unaudited and in thousands)
	For the three months ended
	12/31/2021		9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020		3/31/2020
Cost of revenue(b)
Payroll and related	$	5,500	$	5,435	$	4,920	$	5,369	$	5,447	$	4,941	$	4,350	$	5,785
Cost of sales(b)	2,227		2,206		2,330		2,118		2,538		1,867		1,689		2,560
Stock-based compensation	150		250		285		322		136		148		134		119
Other	401		421		341		299		510		391		319		420
Total cost of revenue(b)	8,278		8,312		7,876		8,108		8,631		7,347		6,492		8,884
Research and development
Payroll and related	4,329		4,291		4,333		4,475		4,358		4,147		4,115		4,761
Outside services	1,760		1,759		2,060		2,277		2,358		2,113		1,803		1,584
Capitalized software development	(2,603)		(2,621)		(2,698)		(2,920)		(3,046)		(2,906)		(3,596)		(1,705)
Stock-based compensation	234		435		305		475		246		240		243		236
Other	1,238		314		278		199		250		(135)		189		573
Total research and development	4,958		4,178		4,278		4,506		4,166		3,459		2,754		5,449
Technology operations
Payroll and related	2,584		2,585		2,323		2,467		2,467		2,246		2,213		2,712
Site rent	3,104		3,122		3,143		3,196		3,313		3,467		3,399		3,398
Telecommunications	826		828		825		837		857		949		961		1,001
Stock-based compensation	53		139		131		137		48		52		47		43
Other	902		765		665		615		686		643		592		750
Total technology operations	7,469		7,439		7,087		7,252		7,371		7,357		7,212		7,904
Selling and marketing
Payroll and related	3,151		3,365		3,161		3,135		2,912		2,773		2,538		3,583
Commissions	1,153		924		1,244		1,105		1,178		1,059		852		1,212
Stock-based compensation	91		234		254		319		192		208		194		172
Advertising and events	630		527		247		161		539		151		160		784
Other	98		115		74		180		183		81		87		610
Total selling and marketing	5,123		5,165		4,980		4,900		5,004		4,272		3,831		6,361
General and administrative(b)
Payroll and related	4,040		3,911		3,564		3,818		3,373		3,476		3,355		4,134
Stock-based compensation	675		958		806		986		726		968		744		612
Facility rent, office, and technology costs	2,579		2,692		2,484		2,480		2,412		2,260		2,276		2,068
Outside services	2,392		3,078		2,219		1,825		1,584		2,148		2,043		2,036
Taxes, licenses and permits(b)	408		211		214		214		(314)		190		213		239
Bad debt	255		(29)		328		106		202		178		628		43
Other	821		925		1,039		854		1,265		971		960		1,499
Total general and administrative(b)	11,170		11,746		10,654		10,283		9,248		10,191		10,219		10,631
Depreciation, amortization and accretion	2,694		2,568		2,457		2,727		2,503		2,335		2,072		2,146
Goodwill and capitalized software development impairment	15,663		—		—		—		25,007		—		—		—
Operating expenses	$	55,355	$	39,408	$	37,332	$	37,776	$	61,930	$	34,961	$	32,580	$	41,375
Capital expenditures	$	1,295	$	905	$	1,480	$	727	$	638	$	934	$	846	$	1,063
(a) Slight variations in totals are due to rounding.
(b) The Company made reclassifications from General and administrative expense to the Cost of revenue expense category of $0.8 million for the first and second quarters of 2021, $0.9 million for the third and fourth quarters of 2021, $0.6 million for the first and second quarters of 2020, and, $0.8 million for the third and fourth quarters of 2020.

SPOK HOLDINGS, INC.
UNITS IN SERVICE ACTIVITY, MARKET SEGMENT, CHURN
AND AVERAGE REVENUE PER UNIT (ARPU) (a)
(Unaudited and in thousands)
	For the three months ended
	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020			6/30/2020			3/31/2020
Paging units in service
Beginning units in service (000's)	853			869			874			885			898			915			926			938
Gross placements	19			23			31			20			20			25			35			24
Gross disconnects	(25)			(39)			(36)			(31)			(33)			(42)			(46)			(36)
Net change	(6)			(16)			(5)			(11)			(13)			(17)			(11)			(12)
Ending units in service	847			853			869			874			885			898			915			926
End of period units in service % of total (b)
Healthcare	84.7		%	84.6		%	84.5		%	84.1		%	83.6		%	83.7		%	83.6		%	82.6		%
Government	4.8		%	4.8		%	4.9		%	4.8		%	5.3		%	5.3		%	5.5		%	5.4		%
Large enterprise	3.9		%	4.1		%	4.1		%	4.3		%	4.3		%	4.3		%	4.4		%	5.5		%
Other(b)	6.6		%	6.4		%	6.4		%	6.8		%	6.8		%	6.6		%	6.6		%	6.5		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Account size ending units in service (000's)
1 to 100 units	55			57			58			59			61			63			65			67
101 to 1,000 units	154			154			155			163			167			167			165			171
>1,000 units	638			642			656			652			657			668			685			688
Total	847			853			869			874			885			898			915			926
Account size net loss rate(c)
1 to 100 units	(3.5)		%	(1.7)		%	(1.7)		%	(3.3)		%	(3.2)		%	(2.9)		%	(3.1)		%	(3.0)		%
101 to 1,000 units	—		%	(0.6)		%	(4.9)		%	(2.4)		%	—		%	1.5		%	(4.2)		%	(1.0)		%
>1,000 units	(0.6)		%	(2.1)		%	0.6		%	(0.8)		%	(1.6)		%	(2.5)		%	(0.4)		%	(1.2)		%
Total	(0.7)		%	(1.8)		%	(0.6)		%	(1.2)		%	(1.4)		%	(1.9)		%	(1.3)		%	(1.3)		%
Account size ARPU
1 to 100 units	$	11.58		$	11.67		$	11.69		$	11.72		$	11.62		$	11.80		$	11.65		$	12.01
101 to 1,000 units	8.30			8.38			8.35			8.33			8.35			8.37			8.24			8.34
>1,000 units	6.63			6.65			6.68			6.68			6.62			6.67			6.57			6.59
Total	$	7.26		$	7.29		$	7.32		$	7.34		$	7.30		$	7.34		$	7.24		$	7.31
(a) Slight variations in totals are due to rounding.
(b) Other includes hospitality, resort and indirect units
(c) Net loss rate is net current period placements and disconnected units in service divided by prior period ending units in service.

SPOK HOLDINGS, INC.
RECONCILIATION OF NET LOSS TO EBITDA (a)
(Unaudited and in thousands)
	For the three months ended				For the year ended
	12/31/2021		12/31/2020		12/31/2021		12/31/2020
Net loss	$	(16,669)	$	(46,610)	$	(22,180)	$	(44,225)
Add back:
(Benefit from) provision for income taxes	(4,032)		22,306		(5,152)		22,455
Other income	(54)		(95)		(66)		(208)
Interest income	(56)		(51)		(320)		(687)
Operating loss	(20,811)		(24,450)		(27,718)		(22,665)
Depreciation, amortization and accretion	2,694		2,503		10,446		9,056
EBITDA	$	(18,117)	$	(21,947)	$	(17,272)	$	(13,609)
Capitalized software development costs	(2,603)		(3,046)		(10,842)		(11,252)
Stock-based compensation	1,203		1,348		7,239		5,508
Goodwill and capitalized software development impairment	15,663		25,007		15,663		25,007
Severance and restructuring	66		357		320		692
Adjusted EBITDA	$	(3,788)	$	1,719	$	(4,892)	$	6,346
(a) Slight variations in totals are due to rounding.

RECONCILIATION OF OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES (a)
(Unaudited and in thousands)
	For the three months ended				For the year ended
	12/31/2021		12/31/2020		12/31/2021		12/31/2020
Operating expenses	$	55,355	$	61,930	$	169,871	$	170,845
Add back:
Depreciation, amortization and accretion	(2,694)		(2,503)		(10,446)		(9,056)
Goodwill and capitalized software development impairment	(15,663)		(25,007)		(15,663)		(25,007)
Capitalized software development costs	2,603		3,046		10,842		11,252
Severance and restructuring	(66)		(357)		(320)		(692)
Adjusted operating expenses	$	39,535	$	37,109	$	154,284	$	147,342
(a) Slight variations in totals are due to rounding.

SPOK HOLDINGS, INC.
2022 FINANCIAL OUTLOOK
(Unaudited and in millions)
	Guidance Range
	From		To
Revenues
Wireless	$	71.6	$	77.0
Software	54.4		62.2
Total Revenues	$	126.0	$	139.2
Adjusted Operating Expenses (a)	$	118.8	$	128.6
Capital Expenditures	$	3.4	$	4.2
RECONCILIATION OF OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES (a)
(Unaudited and in millions)
	Guidance Range
	From		To
Operating expenses	$	128.7	$	142.3
Add back:
Depreciation, amortization and accretion	(3.5)		(3.5)
Severance and restructuring costs	$	(6.4)	$	(10.2)
Adjusted operating expenses	$	118.8	$	128.6
(a) Adjusted operating expenses exclude depreciation, amortization and accretion, goodwill and capitalized software development impairment costs, and severance and restructuring costs, and includes capitalized software development costs.