Spok Holdings, Inc. announced its third quarter 2024 results, reporting total revenue of $34.87 million, a 1.6% decrease from the third quarter of 2023. Despite the slight revenue decline, the company's net income increased to $3.7 million, or $0.18 per diluted share, up from $3.4 million, or $0.17 per diluted share, in the prior year period. Adjusted EBITDA also saw an increase, reaching $7.0 million compared to $6.5 million in Q3 2023.
The software segment demonstrated growth, with revenue increasing by 1.7% to $15.0 million. Software operations bookings, a key indicator for future software revenue, rose by 10.0% to $10.0 million in Q3 2024. This strong bookings performance contributed to a 15.0% increase in software backlog, which stood at $59.0 million as of September 30, 2024.
For the full year 2024, Spok reaffirmed its financial guidance, expecting total revenue to range from $136 million to $144 million and Adjusted EBITDA to be between $27.5 million and $32.5 million. The company's Board of Directors also declared a regular quarterly cash dividend of $0.3125 per share, payable on December 9, 2024.
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