Exhibit 99.1
NEWS RELEASE

CONTACT:

Bob Lougee

800-611-8488

Bob.Lougee@spok.com

Spok Reports Fourth Quarter and 2015 Operating Results;

Software Revenue and Bookings Increase from Prior Quarter

Wireless Trends Continue to Improve;

Board Declares Regular Quarterly Dividend

SPRINGFIELD, Va. (February 24, 2016) - Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in critical communications, today announced operating results for the fourth quarter and year ended December 31, 2015. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.125 per share, payable on March 30, 2016 to stockholders of record on March 18, 2016.

In the 2015 fourth quarter, consolidated revenue was $47.3 million, compared to $51.3 million in the fourth quarter of 2014 and $46.2 million in the third quarter of 2015. Software revenue increased 10.7 percent from the prior quarter to $18.6 million in the fourth quarter of 2015, compared to $19.6 million in the fourth quarter of 2014 and $16.8 million in the third quarter of 2015. Wireless revenue totaled $28.7 million in the fourth quarter, compared to $31.7 million in the year-earlier quarter and $29.4 million in the prior quarter.

Fourth quarter EBITDA (earnings before interest, taxes, depreciation, amortization and accretion) totaled $9.9 million, or 20.9 percent of revenue, compared to $8.7 million, or 16.9 percent of revenue, in the year-earlier quarter, and $10.1 million, or 21.8 percent of revenue, in the third quarter of 2015.

Net income for the fourth quarter of 2015 was $72.7 million, or $3.53 per diluted share, compared to $6.9 million, or $0.31 per diluted share, in the fourth quarter of 2014. In the fourth quarter of 2015, net income included a non-cash income tax benefit of $68.4 million. The income tax benefit resulted from the reduction of the deferred income tax asset valuation allowance reflecting the Company’s fourth quarter analysis of its future operations. In accordance with applicable accounting standards that analysis determined that more of the Company’s deferred income tax assets are recoverable in future

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periods and this quarter’s income tax benefit reflects that adjustment. Excluding this benefit, fourth quarter 2015 net income would have totaled $4.3 million or $0.21 per diluted share.

For the full-year 2015, consolidated revenue was $189.6 million, compared to $200.3 million in 2014. Wireless revenue was $119.0 million and software revenue was $70.6 million, compared to $132.4 million and $67.9 million, respectively, for 2014. Software revenue increased 4 percent from the prior year.

EBITDA for 2015 was $39.1 million, or 20.6 percent of revenue, compared to $44.8 million, or 22.4 percent of revenue, for 2014.

Net income for 2015 was $84.2 million, or $3.98 per diluted share, compared to net income of $20.7 million, or $0.94 per diluted share, for the previous year. In 2015, net income included a non-cash income tax benefit related to the reduction of valuation allowance associated with the Company’s deferred income tax assets. In the fourth quarter the Company determined that more of the deferred income tax assets are recoverable in future periods and the 2015 income tax benefit reflects that adjustment. Excluding this income tax benefit, full year 2015 net income would have totaled $15.9 million, or $0.75 per diluted share.

Other key results and highlights for the fourth quarter and 2015 included:

• Software bookings for the fourth quarter increased to $18.5 million, from $16.7 million in the prior quarter. Fourth quarter bookings included $10.0 million of operations bookings and $8.5 million of maintenance renewals. For 2015, bookings totaled $74.0 million, compared to $78.5 million in 2014. Maintenance bookings for 2015 totaled $35.4 million.

• Software backlog totaled $38.7 million at December 31, 2015, compared to $41.6 million at September 30, 2015, and $42.4 million at year-end 2014.

• Of the $18.6 million in software revenue for the fourth quarter, $9.6 million was operations revenue and $9.0 million was maintenance revenue, compared to $11.6 million and $8.0 million, respectively, of the $19.6 million in software revenue for the fourth quarter of 2014.

• The renewal rate for software maintenance in the fourth quarter was 99.7 percent.

• The quarterly rate of paging unit erosion was 1.6 percent in the fourth quarter of 2015, compared to 1.4 percent in the year-earlier quarter. The annual rate of unit erosion

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improved to 6.6 percent in 2015 versus 8.7 percent in the prior year. Net paging unit losses were 19,000 in the fourth quarter of 2015, versus 18,000 in the fourth quarter of 2014. Paging units in service at December 31, 2015 totaled 1,173,000, compared to 1,256,000 at the end of the prior year.

• The quarterly rate of wireless revenue erosion slowed to 2.2 percent in the fourth quarter of 2015 versus 3.6 percent in the year-earlier quarter, while the annual rate of wireless revenue erosion slowed to 10.1 percent versus 11.6 percent in 2014.

• Total paging ARPU (average revenue per unit) was $7.79 in the fourth quarter of 2015, compared to $7.92 in the year-earlier quarter and $7.82 in the prior quarter. For the year, ARPU totaled $7.90, compared to $7.93 in 2014.

• Consolidated operating expenses (excluding depreciation, amortization and accretion) totaled $37.4 million in the fourth quarter of 2015, compared to $42.6 million in the year-earlier quarter. For 2015, operating expenses totaled $150.6 million, compared to $155.4 million in 2014.

• Capital expenses were $2.0 million in the fourth quarter of 2015, compared to $1.4 million in the year-earlier quarter. For 2015, capital expenses totaled $6.4 million, compared to $7.7 million in 2014.

• The number of full-time equivalent employees at December 31, 2015 totaled 600, compared to 587 at year-end 2014.

• Capital returned to stockholders in 2015 totaled $28.3 million. This came in the form of $13.3 million from dividends and $15.0 million from share repurchases.

• The Company’s cash balance at December 31, 2015 grew to $111.3 million, from $107.9 million at December 31, 2014.

“We are encouraged with our performance in the fourth quarter of 2015 and for the full year”, said Vincent D. Kelly, chief executive officer. “We met or exceeded our expectations on a number of key operating measures, including revenue levels, operating expense management, cash flow and subscriber retention. We achieved these results, as we continued to invest in our future, enhancing and upgrading our operating platforms and sales infrastructure. We believe that these investments in our systems and people position us well for the future. For the full year, software revenue grew, while our

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backlog and pipeline remained strong and wireless revenue and paging unit attrition was slower than anticipated. Overall, we continued to operate profitably, enhance our product offerings, and further strengthen our balance sheet. Our ability to generate healthy cash flow levels allowed us to execute against our capital allocation strategy, make key strategic investments and return the majority of our cash flow to our stockholders in excess of our capital allocation commitment in the form of dividends and share repurchases.”

Commenting on software results, Kelly said: “Fourth quarter 2015 total software revenue increased nearly 11 percent from the prior quarter, and for the full year increased more than 4 percent from 2014.” Kelly attributed higher fourth quarter and full year software revenue primarily to a continuing trend of a more than 99 percent renewal rate on software maintenance contracts. Maintenance revenue is a largely recurring revenue stream that provides Spok with a more stable revenue and margin base.

Fourth quarter 2015 software bookings of $18.5 million were up nearly 11 percent from the prior quarter. For the full year, bookings totaled $74.0 million, a slight decline from prior-year levels. “Demand remained strong in the domestic markets for upgrades and installations of call center solutions, along with healthcare applications to increase patient safety, improve nursing workflows and enhance organizational efficiencies,” said Kelly. “While domestic markets performed well, we saw some sluggishness in the international markets of both EMEA and APAC.”

Continued Kelly, “We are focused on investments to grow our software solutions business, while maintaining our valuable wireless revenue stream. In 2015 we took steps to strengthen our leadership team, as Hemant Goel became president of Spok’s operating company and more recently with the addition of industry veteran Don Soucy as executive vice president of global sales. We also reorganized and augmented our sales team with key additions at all levels, focused on product development, and invested in our business operations platform and infrastructure. We believe that these investments will pay dividends in 2016 and beyond as we continue on a path toward sustainable growth.”

The Company posted solid results for its wireless products and services in the fourth quarter. Gross pager placements totaled 31,000 versus 35,000 in the year-earlier quarter, while gross disconnects of 50,000 improved from 53,000 in the fourth quarter of 2014. “As a result, annual net pager losses

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declined to a near historical low of 6.6 percent from the prior year-end and were down 1.6 percent for the fourth quarter, in line with prior-year results,” continued Kelly. “Overall, wireless sales efforts continued to focus primarily on our core market segments of Healthcare, Government and Large Enterprise, which represented approximately 94.3 percent of our direct subscriber base and 91.1 percent of our direct paging revenue at year end. Healthcare comprised 79.7 percent of our direct subscriber base, and continued to be our best performing market segment with the highest rate of gross placements and lowest rate of unit disconnects.”

Spok returned capital to stockholders, totaling $28.3 million, in 2015. During the year, the Company paid $13.3 million in dividends and repurchased 897,177 shares of common stock, totaling $15.0 million, under its stock buy-back program. “Over the past decade,” Kelly added, “we have generated nearly $1 billion in free cash flow, paid nearly $500 million to our stockholders in cash dividends, and repurchased nearly $80 million of our common stock. In 2016, we remain focused on returning value to our shareholders through our comprehensive capital allocation strategy.”

Kelly noted that in addition to the financial performance the Company was able to achieve in 2015, progress was made in several other areas, including product development, sales strategy and key strategic partnership agreements. “Spok continues to build an industry-leading reputation,” commented Kelly. “We are generating tremendous attention and high approval ratings at the conferences we attend. Last year’s Connect Conference was the most successful ever, with record attendance, and the RSNA Conference was a great venue to showcase our CTRM solution and secure text messaging platform. We intend to carry the momentum generated at these conferences into 2016 in order to stimulate long-term growth. We remain committed to our core values of putting the customer first, creating solutions that matter, innovation and accountability. Combined with our strong team, solid financial platform and industry-leading products and services, Spok is well positioned to meet the challenges in 2016 and generate future growth.”

Shawn E. Endsley, chief financial officer, said: “Revenue contribution from both software and wireless, combined with focused expense management, helped maintain solid operating cash flow, EBITDA and operating margins for the quarter, as we continued to invest in our business for long-term growth. We

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also strengthened our balance sheet, recording a cash balance of $111.3 million at December 31, 2015 and continued to operate as a debt-free company at year end.”

Commenting on the Company’s previously provided financial guidance for 2015, Endsley noted: “We are pleased that 2015 results were consistent with our guidance. For the year, total revenue of $189.6 million was within our guidance range of $183 million to $201 million, operating expenses of $150.6 million were within our guidance range of $145 million to $154 million, and capital expenses of $6.4 million were within our guidance range of $5.5 million to $7.5 million.” With regard to financial guidance for 2016, Endsley said the Company expects total revenue to range from $174 million to $192 million, operating expenses (excluding depreciation, amortization and accretion) to range from $153 million to $159 million, and capital expenses to range from $6 million to $8 million.

* * * * * * * * *

Spok plans to host a conference call for investors on its fourth quarter and 2015 operating results at 10:00 a.m. Eastern Time on Thursday, February 25, 2016. Dial-in numbers for the call are 785-830-1924 or 800-533-7954. The pass code for the call is 974643. A replay of the call will be available from 1:00 p.m. ET on February 25, 2016 until 1:00 p.m. on Thursday, March 10, 2016. Replay numbers are 719-457-0820 or 888-203-1112. The pass code for the replay is 974643.

* * * * * * * * *

About Spok

Spok Holdings, Inc., headquartered in Springfield, Va., is proud to be a leader in critical communications for healthcare, government, public safety, and other industries. We deliver smart, reliable solutions to help protect the health, well-being, and safety of people around the globe. Organizations worldwide rely on Spok for workflow improvement, secure texting, paging services, contact center optimization, and public safety response. When communications matter, Spok delivers. Visit us at spok.com or find us on Twitter @Spoktweets.

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, declining demand for paging products and services, continued demand for our software products and services, our ability to develop additional software solutions for our customers and manage our development as a global organization, the ability to manage operating expenses, future capital needs, competitive pricing pressures, competition from both traditional paging services and other wireless communications services, competition from other software providers, government regulation, reliance upon third-party

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providers for certain equipment and services, 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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SPŌK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (a)
(Unaudited and in thousands except share, per share amounts and ARPU)
	For the three months ended						For the twelve months ended
	12/31/2015			12/31/2014			12/31/2015			12/31/2014
Revenue:
Wireless	$	28,727		$	31,678		$	119,014		$	132,402
Software	18,612			19,591			70,614			67,871
Total revenue	47,339			51,269			189,628			200,273
Operating expenses:
Cost of revenue	8,035			10,571			33,851			32,556
Service, rental and maintenance	11,024			11,285			44,401			45,485
Selling and marketing	7,036			7,915			27,446			30,013
General and administrative	10,276			11,905			42,159			45,896
Severance and restructuring	1,056			926			2,701			1,495
Depreciation, amortization and accretion	3,362			4,049			13,970			16,677
Total operating expenses	40,789			46,651			164,528			172,122
% of total revenue	86.2		%	91.0		%	86.8		%	85.9		%
Operating income	6,550			4,618			25,100			28,151
% of total revenue	13.8		%	9.0		%	13.2		%	14.1		%
Interest income (expense), net	13			(262		)	16			(456		)
Other income (expense), net	71			(188		)	1,182			(368		)
Income before income tax expense	6,634			4,168			26,298			27,327
Income tax benefit (expense)	66,087			2,744			57,937			(6,582		)
Net income	$	72,721		$	6,912		$	84,235		$	20,745
Basic net income per common share	$	3.54		$	0.32		$	3.99		$	0.96
Diluted net income per common share	$	3.53		$	0.31		$	3.98		$	0.94
Basic weighted average common shares outstanding	20,528,326			21,554,746			21,120,268			21,621,466
Diluted weighted average common shares outstanding	20,628,053			22,101,600			21,186,750			22,090,770
Reconciliation of operating income to EBITDA (b):
Operating income	$	6,550		$	4,618		$	25,100		$	28,151
Add back: depreciation, amortization and accretion	3,362			4,049			13,970			16,677
EBITDA	$	9,912		$	8,667		$	39,070		$	44,828
% of total revenue	20.9		%	16.9		%	20.6		%	22.4		%
Key statistics:
Units in service	1,173			1,256			1,173			1,256
Average revenue per unit (ARPU)	$	7.79		$	7.92		$	7.9		$	7.93
Bookings	$	18,511		$	22,272		$	74,024		$	78,514
Backlog	$	38,650		$	42,391		$	38,650		$	42,391
(a) Slight variations in totals are due to rounding.
(b) EBITDA or earnings before interest, taxes, depreciation, amortization and accretion is a non-GAAP measure and is
presented for analytical purposes only.

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (a)
(Unaudited and in thousands except share, per share amounts and ARPU)
	For the three months ended
	12/31/2015			9/30/2015			6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014			3/31/2014
Revenue:
Wireless	$	28,727		$	29,375		$	30,222		$	30,690		$	31,678		$	32,855		$	33,518		$	34,351
Software	18,612			16,806			17,747			17,448			19,591			16,936			15,576			15,768
Total revenue	47,339			46,181			47,969			48,138			51,269			49,791			49,094			50,119
Operating expenses:
Cost of revenue	8,036			7,871			9,131			8,813			10,571			8,000			7,180			6,805
Service, rental and maintenance	11,024			11,117			11,003			11,256			11,285			10,988			11,420			11,792
Selling and marketing	7,036			6,572			6,790			7,048			7,915			7,072			7,780			7,246
General and administrative	10,276			10,410			10,472			11,001			11,905			10,866			10,990			12,135
Severance and restructuring	1,056			141			1,504			—			926			545			4			20
Depreciation, amortization and accretion	3,362			3,413			3,448			3,747			4,049			4,247			4,352			4,029
Total operating expenses	40,790			39,524			42,348			41,865			46,651			41,718			41,726			42,027
% of total revenue	86.2		%	85.6		%	88.3		%	87.0		%	91.0		%	83.8		%	85.0		%	83.9		%
Operating income	6,549			6,657			5,621			6,273			4,618			8,073			7,368			8,092
% of total revenue	13.8		%	14.4		%	11.7		%	13.0		%	9.0		%	16.2		%	15.0		%	16.1		%
Interest income (expense), net	13			1			3			(1		)	(262		)	(63		)	(64		)	(67		)
Other income (expense), net	71			784			264			60			(188		)	(2		)	(194		)	16
Income before income tax expense	6,633			7,442			5,888			6,332			4,168			8,008			7,110			8,041
Income tax benefit (expense)	66,087			(3,222		)	(2,512		)	(2,415		)	2,744			(3,356		)	(2,819		)	(3,151		)
Net income	$	72,720		$	4,220		$	3,376		$	3,917		$	6,912		$	4,652		$	4,291		$	4,890
Basic net income per common share	$	3.54		$	0.20		$	0.16		$	0.18		$	0.32		$	0.21		$	0.2		$	0.23
Diluted net income per common share	$	3.53		$	0.2		$	0.16		$	0.18		$	0.31		$	0.21		$	0.19		$	0.22
Basic weighted average common shares outstanding	20,528,326			21,301,311			21,677,299			21,898,792			21,554,746			21,651,347			21,642,163			21,638,198
Diluted weighted average common shares outstanding	20,628,053			21,352,838			21,735,829			22,053,015			22,101,600			22,135,554			22,099,791			22,037,796
Reconciliation of operating income to EBITDA (b):
Operating income	$	6,549		$	6,657		$	5,621		$	6,273		$	4,618		$	8,073		$	7,368		$	8,092
Add back: depreciation, amortization and accretion	3,362			3,413			3,448			3,747			4,049			4,247			4,352			4,029
EBITDA	$	9,911		$	10,070		$	9,069		$	10,020		$	8,667		$	12,320		$	11,720		$	12,121
% of total revenue	20.9		%	21.8		%	18.9		%	20.8		%	16.9		%	24.7		%	23.9		%	24.2		%
Key statistics:
Units in service	1,173			1,192			1,211			1,230			1,256			1,274			1,299			1,327
Average revenue per unit (ARPU)	$	7.79		$	7.82		$	7.86		$	7.91		$	7.92		$	7.97		$	7.98		$	8.11
Bookings	$	18,511		$	16,746		$	21,027		$	17,740		$	22,272		$	20,362		$	18,959		$	16,921
Backlog	$	38,650		$	41,639		$	43,524		$	40,551		$	42,391		$	42,117		$	40,182		$	41,396
(a) Slight variations in totals are due to rounding.
(b) EBITDA or earnings before interest, taxes, depreciation, amortization and accretion is a non-GAAP measure and is presented for analytical purposes only

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (a)
(In thousands)
	12/31/2015		12/31/2014
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	111,332	$	107,869
Accounts receivable, net	22,638		24,969
Prepaid expenses and other	5,352		7,250
Inventory	2,291		2,673
Total current assets	141,613		142,761
Property and equipment, net	15,386		17,395
Goodwill	133,031		133,031
Other intangible assets, net	14,964		19,698
Deferred income tax assets, net	83,983		24,143
Other assets	1,445		862
Total assets	390,422		337,890
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities
Accrued compensation and benefits	$	10,864	$	14,041
Deferred revenue	27,045		24,034
Total current liabilities	47,156		49,763
Deferred revenue	741		937
Other long-term liabilities	8,972		8,131
Total liabilities	56,869		58,831
Commitments and contingencies
Stockholders' equity:
Preferred stock
Common stock	2		2
Additional paid-in capital	110,435		126,678
Retained earnings	223,116		152,379
Total stockholders' equity	333,553		279,059
Total liabilities and stockholders' equity	390,422		337,890
(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 twelve months ended
	12/31/2015			12/31/2014
Cash flows from operating activities:
Net income	$	84,235		$	20,745
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	13,970			16,677
Amortization of deferred financing costs	—			456
Deferred income (benefit) tax expense	(59,007		)	4,740
Stock based compensation	1,868			3,838
Provisions for doubtful accounts, service credits and other	1,290			1,128
Adjustments of non-cash transaction taxes	(686		)	(310		)
Loss/(Gain) on disposals of property and equipment	(793		)	3
Changes in assets and liabilities:
Accounts receivable	1,041			(8,013		)
Prepaid expenses, intangible assets and other assets	658			17
Accounts payable, accrued liabilities and other	(7,381		)	1,192
Customer deposits and deferred revenue	2,817			1,086
Net cash provided by operating activities	38,012			41,559
Cash flows from investing activities:
Purchases of property and equipment	(6,374		)	(7,679		)
Proceeds from disposals of property and equipment	809			65
Net cash used in investing activities	(5,565		)	(7,614		)
Cash flows from financing activities:
Cash distributions to stockholders	(13,976		)	(10,826		)
Purchase of common stock (including commissions)	(15,008		)	(4,325		)
Net cash used in financing activities	(28,984		)	(15,151		)
Net increase in cash and cash equivalents	3,463			18,794
Cash and cash equivalents, beginning of period	107,869			89,075
Cash and cash equivalents, end of period	$	111,332		$	107,869
Supplemental disclosure:
Interest paid	$	3		$	8
Income taxes paid	$	1,521		$	1,448
(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
	12/31/2015		9/30/2015		6/30/2015		3/31/2015		12/31/2014		9/30/2014		6/30/2014		3/31/2014
Revenue
Paging	$	27,637	$	28,196	$	28,782	$	29,491	$	30,071	$	30,776	$	31,458	$	32,896
Non-paging	1,090		1,179		1,440		1,199		1,607		2,079		2,060		1,455
Total wireless revenue	28,727		29,375		30,222		30,690		31,678		32,855		33,518		34,351
Subscription	471		392		419		398		365		458		377		283
License	2,733		1,457		3,011		2,595		3,474		2,374		2,497		2,929
Services	4,610		4,600		4,609		5,018		5,579		4,305		3,558		3,930
Equipment	1,764		1,434		1,301		1,374		2,145		1,930		1,614		1,250
Operations revenue	9,578		7,883		9,340		9,385		11,563		9,067		8,046		8,392
Maintenance revenue	9,034		8,923		8,407		8,063		8,028		7,869		7,530		7,376
Total software revenue	18,612		16,806		17,747		17,448		19,591		16,936		15,576		15,768
Total revenue	$	47,339	$	46,181	$	47,969	$	48,138	$	51,269	$	49,791	$	49,094	$	50,119
(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
	12/31/2015			9/30/2015		6/30/2015		3/31/2015		12/31/2014		9/30/2014		6/30/2014			3/31/2014
Cost of revenue
Payroll and related	$	4,414		$	4,277	$	4,274	$	4,157	$	4,222	$	3,743	$	3,827		$	3,959
Cost of sales	2,902			2,549		3,801		3,620		5,225		3,098		2,232			1,917
Stock based compensation	33			33		34		34		81		108		81			81
Other	686			1,012		1,022		1,002		1,043		1,051		1,040			848
Total cost of revenue	8,035			7,871		9,131		8,813		10,571		8,000		7,180			6,805
Service, rental and maintenance
Site rent	3,663			3,763		3,783		3,766		3,834		3,914		3,981			4,015
Telecommunications	1,218			1,392		1,288		1,343		1,487		1,548		1,669			1,736
Payroll and related	4,815			4,613		4,555		4,652		4,533		4,106		4,434			4,594
Stock based compensation	29			29		29		29		30		56		(17		)	39
Repairs and maintenance	450			395		478		528		467		489		436			508
Other	849			925		870		938		934		875		917			900
Total service, rental and maintenance	11,024			11,117		11,003		11,256		11,285		10,988		11,420			11,792
Selling and marketing
Payroll and related	3,780			3,664		3,732		3,916		3,945		3,859		4,099			4,098
Commissions	1,754			1,858		1,792		1,836		2,481		1,949		2,087			1,952
Stock based compensation	(7		)	16		51		51		131		151		131			131
Other	1,509			1,034		1,215		1,245		1,358		1,113		1,463			1,065
Total selling and marketing	7,036			6,572		6,790		7,048		7,915		7,072		7,780			7,246
General and administrative
Payroll and related	4,029			4,320		4,611		4,879		4,737		4,217		4,440			4,796
Stock based compensation	316			316		548		329		780		791		429			835
Bad debt	104			113		140		160		127		136		134			86
Facility rent	856			868		841		941		830		863		899			922
Telecommunications	331			370		374		333		381		427		399			395
Outside services	1,783			1,864		1,728		1,786		1,786		1,698		1,719			1,762
Taxes, licenses and permits	1,132			1,068		1,150		1,125		1,283		1,225		1,383			1,064
Repairs and maintenance	347			389		363		406		506		510		421			374
Financial Services	378			378		367		362		346		336		379			363
Other	1,000			724		350		680		1,129		663		787			1,538
Total general and administrative	10,276			10,410		10,472		11,001		11,905		10,866		10,990			12,135
Severance and restructuring	1,056			141		1,504		—		926		545		4			20
Depreciation, amortization and accretion	3,362			3,413		3,448		3,747		4,049		4,247		4,352			4,029
Operating expenses	$	40,789		$	39,524	$	42,348	$	41,865	$	46,651	$	41,718	$	41,726		$	42,027
Capital expenditures	$	2,024		$	1,318	$	1,992	$	1,040	$	1,352	$	1,291	$	2,393		$	2,643
(a) Slight variations in totals are due to rounding.

SPOK HOLDINGS, INC.
UNITS IN SERVICE ACTIVITY (a)
(Unaudited and in thousands)
	For the three months ended
	12/31/2015		9/30/2015		6/30/2015		3/31/2015		12/31/2014		9/30/2014		6/30/2014		3/31/2014
Paging units in service
Beginning units in service
Direct one-way	1,086		1,103		1,116		1,140		1,157		1,179		1,200		1,246
Direct two-way	62		64		64		64		63		64		69		69
Total direct	1,148		1,167		1,180		1,204		1,220		1,243		1,269		1,315
Indirect one-way	24		24		25		26		28		29		30		34
Indirect two-way	20		20		25		26		26		27		28		27
Total indirect	44		44		50		52		54		56		58		61
Total beginning units in service	1,192		1,211		1,230		1,256		1,274		1,299		1,327		1,376
Gross placements
Direct one-way	27		32		36		25		31		40		48		34
Direct two-way	3		3		4		3		3		4		2		4
Total direct	30		35		40		28		34		44		50		38
Indirect one-way	1		1		—		1		1		1		1		—
Indirect two-way	—		—		—		—		—		—		—		1
Total indirect	1		1		—		1		1		1		1		1
Total gross placements	31		36		40		29		35		45		51		39
Gross disconnects
Direct one-way	(42	)	(48	)	(50	)	(49	)	(47	)	(62	)	(69	)	(80	)
Direct two-way	(4	)	(5	)	(3	)	(3	)	(3	)	(5	)	(7	)	(4	)
Total direct	(46	)	(53	)	(53	)	(52	)	(50	)	(67	)	(76	)	(84	)
Indirect one-way	(1	)	(1	)	(1	)	(2	)	(2	)	(2	)	(2	)	(4	)
Indirect two-way	(3	)	(1	)	(5	)	(1	)	(1	)	(1	)	(1	)	—
Total indirect	(4	)	(2	)	(6	)	(3	)	(3	)	(3	)	(3	)	(4	)
Total gross disconnects	(50	)	(55	)	(59	)	(55	)	(53	)	(70	)	(79	)	(88	)
Net loss
Direct one-way	(14	)	(16	)	(13	)	(24	)	(16	)	(22	)	(21	)	(46	)
Direct two-way	(1	)	(2	)	—		—		—		(1	)	(5	)	—
Total direct	(15	)	(18	)	(13	)	(24	)	(16	)	(23	)	(26	)	(46	)
Indirect one-way	(1	)	—		(1	)	(1	)	(1	)	(1	)	(1	)	(4	)
Indirect two-way	(3	)	(1	)	(5	)	(1	)	(1	)	(1	)	(1	)	1
Total indirect	(4	)	(1	)	(6	)	(2	)	(2	)	(2	)	(2	)	(3	)
Total net change	(19	)	(19	)	(19	)	(26	)	(18	)	(25	)	(28	)	(49	)
Ending units in service
Direct one-way	1,072		1,087		1,103		1,116		1,141		1,157		1,179		1,200
Direct two-way	61		62		64		64		63		63		64		69
Total direct	1,133		1,149		1,167		1,180		1,204		1,220		1,243		1,269
Indirect one-way	23		24		24		25		27		28		29		30
Indirect two-way	17		19		20		25		25		26		27		28
Total indirect	40		43		44		50		52		54		56		58
Total ending units in service	1,173		1,192		1,211		1,230		1,256		1,274		1,299		1,327
(a) Slight variations in totals are due to rounding.

SPOK HOLDINGS, INC.
AVERAGE REVENUE PER UNIT (ARPU) AND CHURN (a)
(Unaudited)
	For the three months ended
	12/31/2015			9/30/2015			6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014			3/31/2014
Paging ARPU
Direct one-way	$	7.36		$	7.37		$	7.41		$	7.45		$	7.45		$	7.48		$	7.48		$	7.59
Direct two-way	16.35			16.84			17.16			17.69			17.95			18.17			18.21			18.91
Total direct	7.85			7.88			7.93			7.99			8.00			8.05			8.06			8.19
Indirect one-way	7.83			8.02			8.11			8.08			8.13			8.24			8.18			8.22
Indirect two-way	4.29			4.07			4.09			3.93			4.06			4.31			4.45			4.32
Total indirect	6.27			6.21			6.19			6.01			6.12			6.32			6.39			6.37
Total one-way	7.37			7.39			7.42			7.46			7.46			7.50			7.50			7.6
Total two-way	13.57			13.72			13.69			13.72			13.87			14.10			14.22			14.70
Total paging ARPU	$	7.79		$	7.82		$	7.86		$	7.91		$	7.92		$	7.97		$	7.98		$	8.11
Gross disconnect rate (b)
Direct one-way	(3.8		)%	(4.4		)%	(4.4		)%	(4.3		)%	(4.1		)%	(5.5		)%	(5.7		)%	(6.4		)%
Direct two-way	(6.0		)%	(7.0		)%	(5.9		)%	(5.4		)%	(4.5		)%	(7.3		)%	(10.5		)%	(5.6		)%
Total direct	(3.9		)%	(4.5		)%	(4.5		)%	(4.4		)%	(4.1		)%	(5.4		)%	(6		)%	(6.4		)%
Indirect one-way	(4.5		)%	(4.7		)%	(6.4		)%	(6.7		)%	(6.5		)%	(6.4		)%	(6.8		)%	(8.2		)%
Indirect two-way	(16.2		)%	(2.2		)%	(20.0		)%	(4.4		)%	(2.3		)%	(1.9		)%	(2.7		)%	(2.3		)%
Total indirect	(9.9		)%	(3.6		)%	(13.2		)%	(5.5		)%	(4.4		)%	(4.2		)%	(4.8		)%	(5.5		)%
Total one-way	(3.8		)%	(4.4		)%	(4.5		)%	(4.4		)%	(4.2		)%	(5.3		)%	(5.8		)%	(6.5		)%
Total two-way	(8.5		)%	(5.8		)%	(9.9		)%	(5.1		)%	(3.9		)%	(5.7		)%	(8.3		)%	(4.7		)%
Total paging gross disconnect rate	(4.2		)%	(4.5		)%	(4.9		)%	(4.4		)%	(4.1		)%	(5.3		)%	(5.9		)%	(6.3		)%
Net loss rate (c)
Direct one-way	(1.4		)%	(1.4		)%	(1.2		)%	(2.1		)%	(1.4		)%	(1.8		)%	(1.9		)%	(3.7		)%
Direct two-way	(0.9		)%	(2.2		)%	(0.2		)%	(0.9		)%	(0.1		)%	(3.0		)%	(4.5		)%	(0.6		)%
Total direct	(1.4		)%	(1.5		)%	(1.1		)%	(2.0		)%	(1.4		)%	(1.9		)%	(2.0		)%	(3.5		)%
Indirect one-way	(2.4		)%	(2.4		)%	(4.4		)%	(4.0		)%	(4.3		)%	(4.1		)%	(4.8		)%	(6.3		)%
Indirect two-way	(16		)%	(1.7		)%	(19.4		)%	(3.6		)%	(2.0		)%	(1.5		)%	(2.2		)%	(1.9		)%
Total indirect	(8.6		)%	(2.1		)%	(11.9		)%	(3.8		)%	(3.1		)%	(2.8		)%	(3.5		)%	(4.2		)%
Total one-way	(1.4		)%	(1.5		)%	(1.3		)%	(2.1		)%	(1.5		)%	(1.9		)%	(2.0		)%	(3.7		)%
Total two-way	(4.6		)%	(2.1		)%	(5.7		)%	(1.7		)%	(0.6		)%	(2.5		)%	(3.8		)%	(1.0		)%
Total paging net loss rate	(1.6		)%	(1.5		)%	(1.6		)%	(2.1		)%	(1.4		)%	(1.9		)%	(2.1		)%	(3.5		)%
(a) Slight variations in totals are due to rounding.
(b) Gross disconnect rate is current period disconnected units divided by prior period ending units in service.
(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.
SUPPLEMENTAL INFORMATION BY MARKET SEGMENT (a)
(Unaudited)
	For the three months ended
	12/31/2015		9/30/2015		6/30/2015		3/31/2015		12/31/2014		9/30/2014		6/30/2014		3/31/2014
Gross placement rate (b)
Healthcare	2.7	%	3.3	%	3.8	%	2.6	%	3.0	%	3.8	%	4.5	%	3.1	%
Government	2.1	%	1.4	%	1.9	%	1.0	%	1.2	%	1.5	%	2.6	%	1.9	%
Large enterprise	2.1	%	2.2	%	1.7	%	2.1	%	2.3	%	2.7	%	2.0	%	2.9	%
Other	2.1	%	2.4	%	1.8	%	1.6	%	2.1	%	4.3	%	2.2	%	2.1	%
Total direct	2.6	%	3.0	%	3.4	%	2.3	%	2.8	%	3.5	%	4	%	2.9	%
Total indirect	1.3	%	1.5	%	1.3	%	1.7	%	1.3	%	1.4	%	1.3	%	1.2	%
Total	2.5	%	3.0	%	3.3	%	2.3	%	2.7	%	3.4	%	3.9	%	2.8	%
Gross disconnect rate (b)
Healthcare	(3.5	)%	(4.3	)%	(3.8	)%	(3.9	)%	(3.8	)%	(5.1	)%	(5.3	)%	(6.5	)%
Government	(4.8	)%	(4.7	)%	(7.0	)%	(5.0	)%	(4.7	)%	(7.5	)%	(7.6	)%	(5.6	)%
Large enterprise	(6.7	)%	(5.0	)%	(7.3	)%	(5.7	)%	(4.7	)%	(4.8	)%	(8.9	)%	(5.4	)%
Other	(5.3	)%	(6.1	)%	(7.0	)%	(7.1	)%	(6.4	)%	(6.9	)%	(7.7	)%	(6.5	)%
Total direct	(3.9	)%	(4.5	)%	(4.5	)%	(4.3	)%	(4.1	)%	(5.4	)%	(6	)%	(6.4	)%
Total indirect	(9.7	)%	(3.6	)%	(13.1	)%	(5.5	)%	(4.4	)%	(4.2	)%	(4.8	)%	(5.5	)%
Total	(4.1	)%	(4.4	)%	(4.9	)%	(4.4	)%	(4.1	)%	(5.3	)%	(5.9	)%	(6.3	)%
Net loss rate (b)
Healthcare	(0.8	)%	(1.0	)%	0.1	%	(1.3	)%	(0.7	)%	(1.3	)%	(0.8	)%	(3.5	)%
Government	(2.7	)%	(3.3	)%	(5.1	)%	(4.0	)%	(3.5	)%	(6.0	)%	(5	)%	(3.6	)%
Large enterprise	(4.6	)%	(2.8	)%	(5.6	)%	(3.6	)%	(2.4	)%	(2.1	)%	(6.9	)%	(2.5	)%
Other	(3.1	)%	(3.7	)%	(5.1	)%	(5.5	)%	(4.4	)%	(2.5	)%	(5.5	)%	(4.4	)%
Total direct	(1.4	)%	(1.5	)%	(1.1	)%	(2.0	)%	(1.4	)%	(1.9	)%	(2	)%	(3.5	)%
Total indirect	(8.6	)%	(2.1	)%	(11.9	)%	(3.8	)%	(3.1	)%	(2.8	)%	(3.5	)%	(4.2	)%
Total	(1.6	)%	(1.5	)%	(1.6	)%	(2.1	)%	(1.4	)%	(1.9	)%	(2.1	)%	(3.5	)%
End of period units in service % of total (b)
Healthcare	77.0	%	76.3	%	75.9	%	74.7	%	74.1	%	73.6	%	73.0	%	72	%
Government	7.2	%	7.2	%	7.4	%	7.7	%	7.8	%	7.9	%	8.3	%	8.6	%
Large enterprise	6.9	%	7.2	%	7.2	%	7.6	%	7.7	%	7.8	%	7.8	%	8.2	%
Other	5.5	%	5.6	%	5.7	%	6.0	%	6.2	%	6.4	%	6.6	%	6.8	%
Total direct	96.6	%	96.3	%	96.2	%	95.9	%	95.8	%	95.7	%	95.7	%	95.6	%
Total indirect	3.4	%	3.7	%	3.8	%	4.1	%	4.2	%	4.3	%	4.3	%	4.4	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100	%
(a) Slight variations in totals are due to rounding.
(b) Changes in the classification of units in service are reflected in the quarter when such changes are identified. Such changes are
then appropriately reflected in calculating the gross placement, gross disconnect and net loss rates.

SPOK HOLDINGS, INC.
SUPPLEMENTAL INFORMATION - DIRECT PAGING UNITS IN SERVICE AND
CELLULAR ACTIVATIONS (a)
(Unaudited)
	For the three months ended
	12/31/2015			9/30/2015			6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014			3/31/2014
Account size ending units in service (000's)
1 to 3 units	30			31			32			33			35			37			39			41
4 to 10 units	16			18			19			20			21			22			23			24
11 to 50 units	43			44			47			49			51			53			56			57
51 to 100 units	30			31			33			32			34			36			38			41
101 to 1,000 units	229			238			244			252			262			267			275			282
>1,000 units	785			787			792			794			801			805			812			824
Total	1,133			1,149			1,167			1,180			1,204			1,220			1,243			1,269
End of period units in service % of total direct
1 to 3 units	2.6		%	2.7		%	2.8		%	2.8		%	2.9		%	3.0		%	3.1		%	3.2		%
4 to 10 units	1.5		%	1.5		%	1.6		%	1.7		%	1.7		%	1.8		%	1.8		%	1.9		%
11 to 50 units	3.8		%	3.9		%	4.0		%	4.2		%	4.2		%	4.3		%	4.5		%	4.5		%
51 to 100 units	2.6		%	2.7		%	2.8		%	2.7		%	2.8		%	3.0		%	3.1		%	3.2		%
101 to 1,000 units	20.3		%	20.7		%	20.9		%	21.4		%	21.8		%	21.9		%	22.1		%	22.3		%
>1,000 units	69.2		%	68.5		%	67.9		%	67.2		%	66.6		%	66.0		%	65.4		%	64.9		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Account size net loss rate
1 to 3 units	(3.9		)%	(4.1		)%	(2.9		)%	(6.2		)%	(4.4		)%	(4.8		)%	(4.1		)%	(4.9		)%
4 to 10 units	(6.0		)%	(5.3		)%	(5.0		)%	(6.2		)%	(5.5		)%	(4.0		)%	(5.4		)%	(4.1		)%
11 to 50 units	(4.1		)%	(4.8		)%	(4.1		)%	(4.6		)%	(3.8		)%	(5.2		)%	(3.2		)%	(5.3		)%
51 to 100 units	(3.7		)%	(5.4		)%	0.2		%	(4.1		)%	(5.4		)%	(5.2		)%	(8.7		)%	(1.2		)%
101 to 1,000 units	(3.6		)%	(2.5		)%	(3.0		)%	(3.9		)%	(2.0		)%	(2.9		)%	(2.5		)%	(1.7		)%
>1,000 units	(0.2		)%	(0.6		)%	(0.2		)%	(0.8		)%	(0.5		)%	(1.0		)%	(1.2		)%	(4.0		)%
Total	(1.4		)%	(1.5		)%	(1.1		)%	(2.0		)%	(1.4		)%	(1.9		)%	(2.0		)%	(3.5		)%
Account size ARPU
1 to 3 units	$	14.33		$	14.34		$	14.52		$	14.52		$	14.53		$	14.65		$	14.86		$	14.96
4 to 10 units	14.27			14.11			14.11			14.07			14.09			14.04			14.12			14.22
11 to 50 units	12.00			12.03			12.13			12.02			12.00			11.95			12.00			12.07
51 to 100 units	10.63			10.48			10.42			10.26			10.15			10.16			10.18			10.27
101 to 1,000 units	8.76			8.79			8.78			8.81			8.79			8.69			8.58			8.76
>1,000 units	6.85			6.87			6.90			6.95			6.93			6.99			7.00			7.11
Total	$	7.85		$	7.88		$	7.93		$	7.99		$	8.00		$	8.05		$	8.06		$	8.19
Cellular:
Number of activations	26			33			144			92			264			2,198			1,679			281
Revenue from cellular services (000's)	$	13		$	25		$	39		$	40		$	77		$	395		$	278		$	108
(a) Slight variations in totals are due to rounding.