SPOK // Spok Holdings Inc.

Communication Services • Telecommunications Equipment

$11.78 ▲ +1.60 (+15.72%)

MKT CAP: $246.4M • VOL: 625.8K

52W L $10 52W H $14

ALTMAN Z

3.79 SAFE

PIOTROSKI

7 / 9

SPOK // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

SPOK // Spok Holdings Inc.

GROSS MARGIN

78.7%

OP MARGIN

14.1%

ROIC %

12.9%

MKT CAP

$246.4M

UPSTREAM INPUTS ──► SPOK OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
SPOK ★	Spok Holdings Inc.	$11.78	$246.4M	78.7%	14.1%	12.9%	9.7x	+1.5%	SUBJECT ISSUER
GOOGL	Alphabet Inc. (Class A)	$283.82	$3.49T	60.9%	33.3%	16.6%	19.9x	+22.2%	SPOK VS GOOGL <GO>
GOOG	Alphabet Inc. (Class C)	$282.32	$3.47T	60.9%	33.3%	16.6%	19.9x	+22.2%	SPOK VS GOOG <GO>
META	Meta Platforms, Inc.	$624.52	$1.60T	81.0%	32.9%	18.2%	16.3x	+27.5%	SPOK VS META <GO>
NFLX	Netflix, Inc.	$62.05	$254.80B	50.7%	31.3%	33.9%	16.2x	+14.7%	SPOK VS NFLX <GO>
CCZ	Comcast Holdings ZONES	$64.50	$229.04B	—	16.7%	18.7%	7.2x	0.0%	SPOK VS CCZ <GO>