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Vocera Announces Third Quarter Revenue of $42.3 million

SAN JOSE, Calif. - October 26, 2017 - Vocera Communications, Inc. (NYSE: VCRA), a recognized leader in clinical communication and workflow solutions, today reported total revenue of $42.3 million for the third quarter of 2017, an increase of 25% compared to revenue of $33.8 million in the third quarter of 2016.

“We had a great third quarter. Overall revenue growth was robust with strength across all areas of our business.  Year-over-year bookings growth was also impressive, highlighted by exceptional Federal bookings performance and a large number of new customers. Our software platform continues to have significant impact in the market, and our results clearly reflect this,” said Vocera CEO, Brent Lang.

Third quarter of 2017 financial highlights include:

Total revenue of $42.3 million, up 25% year-over-year
GAAP loss per share of $(0.10); non-GAAP net income per share of $0.11
GAAP net loss of $(2.9) million; Adjusted EBITDA of $4.2 million
Deferred revenue of $59.1 million as of September 30, 2017
Cash, cash equivalents and short-term investments of $67.5 million as of September 30, 2017; no debt

Third Quarter 2017 Results
Total revenue for the third quarter of 2017 was $42.3 million, compared to $33.8 million in the third quarter of 2016.

(in thousands)
Three months ended September 30,
 
2017
 
2016
 
% change
Product revenue
 
 
 
 
 
Device
$
16,084

 
$
14,106

 
14.0
%
Software
7,165

 
5,197

 
37.9

Total product
$
23,249

 
$
19,303

 
20.4
%
 
 
 
 
 
 
Service revenue
 
 
 
 
 
Maintenance and support
$
13,746

 
$
11,037

 
24.5
%
Professional services and training
5,305

 
3,415

 
55.3

Total service
19,051

 
14,452

 
31.8

Total revenue
$
42,300

 
$
33,755

 
25.3
%






GAAP gross margin for the third quarter of 2017 was 61.1%, compared to 63.6% in the third quarter of 2016. Gross margin in 2017 reflects the added cost of revenues related to the Extension Healthcare acquisition.
 
Three months ended September 30,
 
2017
 
2016
Gross margin
 
 
 
Product
69.0
%
 
68.7
%
Service
51.5

 
56.7

Total gross margin
61.1
%
 
63.6
%
 
 
 
 
Non-GAAP gross margin
 
 
 
Product
72.6
%
 
69.3
%
Service
55.1

 
58.4

Total non-GAAP gross margin
64.7
%
 
64.6
%

GAAP net loss for the third quarter of 2017 was $(2.9) million, or $(0.10) per share, compared to $(1.2) million, or $(0.04) per share in the third quarter of 2016.
 
Three months ended September 30,
(in thousands except per share amounts)
2017
 
2016
Net loss
$
(2,885
)
 
$
(1,197
)
Net loss per share
$
(0.10
)
 
$
(0.04
)
Non-GAAP net income
$
3,289

 
$
2,143

Non-GAAP net income per share
$
0.11

 
$
0.08

Adjusted EBITDA
$
4,231

 
$
2,649


Deferred revenue at September 30, 2017, was $59.1 million compared to $55.0 million at December 31, 2016. Cash equivalents and short-term investments were $67.5 million at September 30, 2017 and $74.1 million at December 31, 2016. The Company continues to have a strong balance sheet with no debt.

Full Year and Fourth Quarter 2017 Guidance
For the full-year 2017, the Company expects revenue between $158 million and $162 million and a GAAP loss per share between $(0.72) and $(0.59). The Company expects non-GAAP net income per share to be between $0.10 and $0.22 and non-GAAP Adjusted EBITDA to be between $7.0 million and $10.5 million.

(in millions except per share amounts)
Q4’17
 
FY’17
 
Low
 
High
 
Low
 
High
Revenue
$
41.0

 
$
45.0

 
$
158.0

 
$
162.0

Loss per share
$
(0.13
)
 
$
(0.01
)
 
$
(0.72
)
 
$
(0.59
)
Diluted non-GAAP net income per share
$
0.07

 
$
0.18

 
$
0.10

 
$
0.22

Adjusted EBITDA
$
3.2

 
$
6.7

 
$
7.0

 
$
10.5


Certain amounts in our release may not re-compute due to rounding. A reconciliation of non-GAAP to GAAP financial measures, and fourth quarter and full-year guidance, are included in the financial schedules.






Conference Call Information
Vocera Communications will host a conference call at 5 p.m. ET (2 p.m. PT) today, October 26, 2017, to discuss the Company’s results.

Investors may access a free, live webcast of the call through the Investors section of the Company’s website at investors.vocera.com.

The call also can be accessed by dialing 833-238-7944, or 647-689-4192 for international callers, and using the access code 94534596.

A webcast replay of the call will be archived at investors.vocera.com.

Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements within the meaning of the U.S. federal securities laws, including statements regarding future events, such as our ability to continue to execute on our business plans and strategies and our expected operating results for the fourth quarter and full year 2017. These forward-looking statements are based on limited information currently available to us and our management`s expectations, which are inherently subject to change and involve a number of risks and uncertainties.
Actual events or results may differ materially from those in any forward-looking statement due to various factors, including but not limited to, our ability to achieve anticipated strategic or financial benefits from our acquisitions; changes in regulations in the U.S. and other countries; the effects on government and commercial hospital customers of the federal budget and budgetary uncertainty; changes in healthcare insurance coverage and consumers’ utilization of healthcare and hospital services; our ability to achieve and maintain profitability; the demand for our various solutions in the healthcare and other markets; our lengthy and unpredictable sales cycle; our ability to offer high-quality services and support for our solutions; our ability to acquire the sole and limited source hardware and software components of our solutions; our ability to obtain the required capacity and product quality from our contract manufacturer; our ability to develop and introduce new solutions and features to existing solutions and to manage our growth; and the other factors described in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as our other filings with the Securities and Exchange Commission (SEC). Our filings with the SEC are available on the Investors section of the Company’s web site at www.vocera.com. The financial and other information contained in this press release should be read in conjunction with the financial statements and notes thereto included in our filings with the SEC. Our operating results for any historical period, including the third quarter of 2017, are not necessarily indicative of our operating results for any future periods. This press release speaks only as of its date. We assume no obligation to update the information in this press release, to revise any forward-looking statements, or to update the reasons actual events or results could differ materially from those anticipated in forward-looking statements.

Use of Non-GAAP Financial Information
This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). Our management evaluates the Company’s results and makes operating decisions using various GAAP and non-GAAP measures. In addition to our GAAP results, we also consider non-GAAP gross margin, non-GAAP gross margin for products and for services, non-GAAP net income/(loss), non-GAAP income/(loss) per diluted share and non-GAAP operating expenses. We also present Adjusted EBITDA, a non-GAAP measure that we reconcile to net income/(loss). These non-GAAP measures should not be considered as a substitute for the corresponding financial measure derived in accordance with GAAP. We present the non-GAAP measures because we consider them to be important





supplemental information for our investors for analyzing our performance, core operating results and trends. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures included with this press release.
Our non-GAAP gross margins, non-GAAP net income/(loss), non-GAAP earnings/(loss) per diluted share, non-GAAP operating expenses, and Adjusted EBITDA are exclusive of certain items to facilitate management’s review of the comparability of our core operating results on a period to period basis because such items are not related to our ongoing core operating results as viewed by management. We define our “core operating results” as those revenues recorded in a particular period and the expenses incurred within that period that directly drive operating income in that period. Management uses these non-GAAP financial measures in making operating decisions because, in addition to meaningful supplemental information regarding operating performance, the measures give us a better understanding of how we should invest in research and development, fund infrastructure growth and evaluate the effectiveness of marketing strategies. In calculating the above non-GAAP results, management specifically adjusted for the following excluded items:
a) Stock-based compensation expense impact. We recognize equity plan-related compensation expenses, which represent the fair value of all share-based payments to employees, including grants of employee stock options and restricted stock units as non-GAAP adjustments in each period.
b) Amortization of acquired intangibles. We acquired certain companies in 2010, 2014 and 2016, and booked intangible assets related to these acquisitions. The amortization of these acquired intangible assets is excluded from non-GAAP net income because it is not related to ongoing controllable management decisions and because it is non-cash in nature.
c) Acquisition related expenses. In addition to the amortization of acquired intangibles mentioned above, we also adjust for certain acquisition-related expenses that we may incur including (i) professional service fees and (ii) transition costs. Professional service fees include third party costs related to the acquisition, such as due diligence costs, accounting fees, legal fees, valuation services and commissions, if any. Transition costs include retention payments, transitional employee costs and earn-out payments (including amounts relating to the distribution of purchase consideration among the selling equity holders) treated as compensation expense. We consider such costs and adjustments as highly variable in amount and frequency, being significantly impacted by the timing and size of any acquisitions. By excluding acquisition-related costs and adjustments from our non-GAAP measures, management can better focus on the organic continuing operations of our baseline and acquired businesses.
d) Restructuring costs. We exclude restructuring costs from non-GAAP measures because we do not regard these limited-term or one-time costs as reflective of normal costs we incur to operate our business. These are defined in U.S. GAAP to include one-time employee termination benefits, contract termination costs, and other associated costs, with respect to exit or disposal activities.
Management adjusts for the above items because management believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is largely outside of Vocera’s control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual and we do not expect them to occur in the ordinary course of business; or they are non-operational, or non-cash expenses involving stock award grants.
We believe that the presentation of these non-GAAP financial measures is warranted for several reasons:





1) Such non-GAAP financial measures provide an additional analytical tool for understanding our financial performance by excluding the impact of items which may obscure trends in the core operating results of the business;
2) These non-GAAP financial measures facilitate comparisons to the operating results of other companies commonly compared to us, which use similar financial measures to supplement their GAAP results, thus enhancing the perspective of investors who wish to utilize such comparisons in their analysis of our performance; and
3) These non-GAAP financial measures are employed by our management in their own evaluation of performance and are utilized in financial and operational decision making processes, such as budget planning and forecasting.
Set forth below are additional reasons why share-based compensation expense is excluded from our non-GAAP financial measures:
i) While share-based compensation constitutes one of our ongoing and recurring expenses, it is not an expense that requires cash settlement by us. We therefore exclude these charges for purposes of evaluating core operating results. Thus, our non-GAAP measurements are presented exclusive of stock-based compensation expense to assist management and investors in evaluating our core operating results.
ii) We present share-based payment compensation expense in our reconciliation of non-GAAP financial measures on a pre-tax basis because the exact tax differences related to the timing and deductibility of share-based compensation are dependent upon the trading price of our common stock and the timing and exercise by employees of their stock options. As a result of these timing and market uncertainties, the tax effect related to share-based compensation expense would be inconsistent in amount and frequency and is therefore excluded from our non-GAAP results.
As stated above, we present non-GAAP financial measures because we consider them to be important supplemental measures of performance. However, non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for our GAAP results. In the future, we expect to incur expenses similar to certain of the non-GAAP adjustments described above and expect to continue reporting non-GAAP financial measures excluding such items. Some of the limitations in relying on non-GAAP financial measures are:
Our stock options, restricted stock units, and stock purchase plans are important components of incentive compensation arrangements and will be reflected as expenses in our GAAP results for the foreseeable future; and
Other companies may calculate non-GAAP financial measures differently than us, limiting their usefulness as a comparative measure.
Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between our non-GAAP and GAAP financial results is set forth in the financial tables referred to above, and linked to, this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results for the respective periods.
About Vocera:
The mission of Vocera Communications, Inc. is to simplify and improve the lives of healthcare professionals and patients, while enabling hospitals to enhance quality of care and operational efficiency.





In 2000, when the company was founded, we began to forever change the way care teams communicate. Today, Vocera continues to offer the leading platform for clinical communication and workflow. More than 1,400 hospitals and health systems around the world have selected our solutions for care teams to text securely using smartphones or make calls with our hands-free, wearable Vocera Badge. Interoperability between Vocera and more than 120 clinical systems helps reduce alarm fatigue, speed up staff response times, and improve patient care, safety and experience. In addition to healthcare, Vocera is at home in luxury hotels, nuclear facilities, libraries, retail stores and more. Vocera makes a difference in any industry where workers are on the move and need to connect instantly with team members and access resources or information quickly. Learn more at www.vocera.com, and follow @VoceraComm on Twitter.
The Vocera logo is a trademark of Vocera Communications, Inc. Vocera® is a trademark of Vocera Communications, Inc. registered in the United States and other jurisdictions. All other trademarks appearing in this release are the property of their respective owners.

Contacts:

Investors:             
Sue Dooley            
Vocera Communications, Inc.            
408.882.5971        
investorrelations@vocera.com

Media:
Philip Anast
Amendola Communications
312.576.6990
panast@acmarketingpr.com





Vocera Communications, Inc.
Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)

Three months ended September 30,
 
Nine months ended September 30,
 
2017
 
2016
 
2017
 
2016
Revenue
 
 
 
 
 
 
 
Product
$
23,249

 
$
19,303

 
$
63,940

 
$
50,807

Service
19,051

 
14,452

 
53,105

 
40,877

Total revenue
42,300

 
33,755

 
117,045

 
91,684

Cost of revenue
 
 
 
 
 
 
 
Product
7,208

 
6,042

 
20,424

 
16,435

Service
9,241

 
6,253

 
28,358

 
18,037

Total cost of revenue
16,449

 
12,295

 
48,782

 
34,472

Gross profit
25,851

 
21,460

 
68,263

 
57,212

Operating expenses
 
 
 
 
 
 
 
Research and development
6,644

 
4,286

 
20,944

 
12,686

Sales and marketing
15,831

 
13,305

 
45,789

 
38,078

General and administrative
6,088

 
5,138

 
17,767

 
14,099

Total operating expenses
28,563

 
22,729

 
84,500

 
64,863

Loss from operations
(2,712
)
 
(1,269
)
 
(16,237
)
 
(7,651
)
Interest income
177

 
196

 
410

 
573

Other income (expense), net
(41
)
 
(75
)
 
1

 
(226
)
Loss before income taxes
(2,576
)
 
(1,148
)
 
(15,826
)
 
(7,304
)
Provision for income taxes
(309
)
 
(49
)
 
(1,050
)
 
(183
)
Net loss
$
(2,885
)
 
$
(1,197
)
 
$
(16,876
)
 
$
(7,487
)
 
 
 
 
 
 
 
 
Net loss per share
 
 
 
 
 
 
 
     Basic and diluted
$
(0.10
)
 
$
(0.04
)
 
$
(0.59
)
 
$
(0.28
)
Weighted average shares used to compute net loss per share
 
 
 
 
 
 
 
     Basic and diluted
29,130

 
27,024

 
28,439

 
26,675







Vocera Communications, Inc.
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)
 
September 30,
2017
 
December 31,
2016
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
14,840

 
$
35,033

Short-term investments
52,652

 
39,033

Accounts receivable, net of allowance
35,453

 
24,142

Other receivables
1,115

 
1,211

Inventories
3,115

 
4,556

Prepaid expenses and other current assets
4,758

 
3,364

Total current assets
111,933

 
107,339

Property and equipment, net
6,073

 
5,894

Intangible assets, net
14,658

 
18,200

Goodwill
49,246

 
49,246

Other long-term assets
1,537

 
1,394

Total assets
$
183,447

 
$
182,073

Liabilities and stockholders' equity
 
 
 
Current liabilities
 
 
 
Accounts payable
$
2,790

 
$
3,231

Accrued payroll and other current liabilities
16,050

 
15,896

Deferred revenue, current
41,559

 
43,845

Total current liabilities
60,399

 
62,972

Deferred revenue, long-term
17,577

 
11,155

Other long-term liabilities
5,084

 
4,505

Total liabilities
83,060

 
78,632

Stockholders' equity
100,387

 
103,441

Total liabilities and stockholders’ equity
$
183,447

 
$
182,073








Vocera Communications, Inc.
Three months ended September 30, 2017
 
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2017
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2017
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
 
 
 
 
 
 
 
 
 
 
 
Product
$
23,249

 

 

 

 
$

 
$
23,249

Service
19,051

 

 

 

 

 
19,051

Total revenue
42,300

 

 

 

 

 
42,300

Cost of revenue
 
 
 
 
 
 
 
 
 
 
 
Product
7,208

 
118

 
729

 

 
847

 
6,361

Service
9,241

 
631

 

 
60

 
691

 
8,550

Total cost of revenue
16,449

 
749

 
729

 
60

 
1,538

 
14,911

Gross profit
$
25,851

 
$
749

 
$
729

 
$
60

 
$
1,538

 
$
27,389

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2017
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2017
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
$
6,644

 
$
507

 

 

 
$
507

 
$
6,137

Sales and marketing
15,831

 
1,653

 
385

 

 
2,038

 
13,793

General and administrative
6,088

 
1,809

 
55

 
227

 
2,091

 
3,997

Total operating expenses
$
28,563

 
$
3,969

 
$
440

 
$
227

 
$
4,636

 
$
23,927

(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b) This adjustment reflects the accounting impact of acquisitions in 2010, 2014 and 2016 in non-cash expense.
(c) This adjustment reflects the costs associated with the acquisition in 2016.






Three months ended September 30, 2016
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2016
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2016
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
 
 
 
 
 
 
 
 
 
 
 
Product
$
19,303

 

 

 

 
$

 
$
19,303

Service
14,452

 

 

 

 

 
14,452

Total revenue
33,755

 

 

 

 

 
33,755

Cost of revenue
 
 
 
 
 
 
 
 
 
 
 
Product
6,042

 
61

 
60

 

 
121

 
5,921

Service
6,253

 
237

 

 

 
237

 
6,016

Total cost of revenue
12,295

 
298

 
60

 

 
358

 
11,937

Gross profit
$
21,460

 
$
298

 
$
60

 
$

 
$
358

 
$
21,818

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2016
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2016
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
$
4,286

 
$
287

 

 

 
$
287

 
$
3,999

Sales and marketing
13,305

 
1,102

 
46

 

 
1,148

 
12,157

General and administrative
5,138

 
1,213

 
72

 
262

 
1,547

 
3,591

Total operating expenses
$
22,729

 
$
2,602

 
$
118

 
$
262

 
$
2,982

 
$
19,747

(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b) This adjustment reflects the accounting impact of acquisitions in 2010 and 2014 in non-cash expense.
(c) This adjustment reflects the costs associated with the acquisition in 2016.






Vocera Communications, Inc.
Nine months ended September 30, 2017
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2017
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2017
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
 
 
 
 
 
 
 
 
 
 
 
Product
$
63,940

 

 

 

 
$

 
$
63,940

Service
53,105

 

 

 

 

 
53,105

Total revenue
117,045

 

 

 

 

 
117,045

Cost of revenue
 
 
 
 
 
 
 
 
 
 
 
Product
20,424

 
309

 
2,222

 

 
2,531

 
17,893

Service
28,358

 
1,808

 

 
229

 
2,037

 
26,321

Total cost of revenue
48,782

 
2,117

 
2,222

 
229

 
4,568

 
44,214

Gross profit
$
68,263

 
$
2,117

 
$
2,222

 
$
229

 
$
4,568

 
$
72,831

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2017
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2017
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
$
20,944

 
$
1,542

 
$

 
$
47

 
$
1,589

 
$
19,355

Sales and marketing
45,789

 
4,697

 
1,154

 
15

 
5,866

 
39,923

General and administrative
17,767

 
4,848

 
166

 
718

 
5,732

 
12,035

Total operating expenses
$
84,500

 
$
11,087

 
$
1,320

 
$
780

 
$
13,187

 
$
71,313

(a)This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b)
This adjustment reflects the accounting impact of acquisitions in 2010, 2014 and 2016 in non-cash expense.
(c)This adjustment reflects the costs associated with the acquisition in 2016.






Nine months ended September 30, 2016
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2016
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2016
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
 
 
 
 
 
 
 
 
 
 
 
Product
$
50,807

 

 

 

 
$

 
$
50,807

Service
40,877

 

 

 

 

 
40,877

Total revenue
91,684

 

 

 

 

 
91,684

Cost of revenue
 
 
 
 
 
 
 
 
 
 
 
Product
16,435

 
167

 
179

 

 
346

 
16,089

Service
18,037

 
724

 

 

 
724

 
17,313

Total cost of revenue
34,472

 
891

 
179

 

 
1,070

 
33,402

Gross profit
$
57,212

 
$
891

 
$
179

 
$

 
$
1,070

 
$
58,282

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
$
12,686

 
$
817

 

 

 
$
817

 
$
11,869

Sales and marketing
38,078

 
3,390

 
138

 

 
3,528

 
34,550

General and administrative
14,099

 
3,493

 
233

 
262

 
3,726

 
10,373

Total operating expenses
$
64,863

 
$
7,700

 
$
371

 
$
262

 
$
8,071

 
$
56,792

(a)This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b)
This adjustment reflects the accounting impact of acquisitions in 2010 and 2014 in non-cash expense.
(c)
This adjustment reflects the costs associated with the acquisition in 2016.






Vocera Communications, Inc.
 
 
 
 
Non-GAAP Net income and net income per share and Adjusted EBITDA
 
 
 
 
(In thousands, except per share amounts)
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
2017
 
2016
 
2017
 
2016
GAAP net loss
$
(2,885
)
 
$
(1,197
)
 
$
(16,876
)
 
$
(7,487
)
Add back:
 
 
 
 
 
 
 
Stock compensation expense
4,718

 
2,900

 
13,204

 
8,591

Acquisition related expenses
287

 
262

 
1,009

 
262

Interest income
(162
)
 
(180
)
 
(371
)
 
(530
)
Depreciation and amortization expense
1,964

 
815

 
5,755

 
2,271

Provision for income taxes
309

 
49

 
1,050

 
183

Non-GAAP adjusted EBITDA
$
4,231

 
$
2,649

 
$
3,771

 
$
3,290

 
 
 
 
 
 
 
 
GAAP net loss
$
(2,885
)
 
$
(1,197
)
 
$
(16,876
)
 
$
(7,487
)
Add back:
 
 
 
 
 
 
 
Stock compensation expense
4,718

 
2,900

 
13,204

 
8,591

Intangible amortization
1,169

 
178

 
3,542

 
550

Acquisition related expenses
287

 
262

 
1,009

 
262

Non-GAAP net income
$
3,289

 
$
2,143

 
$
879

 
$
1,916

Net income per share
 
 
 
 
 
 
 
     Basic
$
0.11

 
$
0.08

 
$
0.03

 
$
0.07

     Diluted
$
0.11

 
$
0.08

 
$
0.03

 
$
0.07

Weighted average shares used to compute net income per share
 
 
 
 
 
 
 
     Basic
29,130

 
27,024

 
28,439

 
26,675

     Diluted
30,473

 
28,250

 
30,102

 
27,911







Vocera Communications, Inc.
Future guidance for operating results
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
Reconciliation for GAAP to Non-GAAP for net income (loss) and net income (loss) per share
 
 
 
Q4-17
 
FY-17
 
Low
 
High
 
Low
 
High
Revenue
$
41.0

 
$
45.0

 
$
158.0

 
$
162.0

GAAP net loss
(3.8
)
 
(0.3
)
 
(20.7
)
 
(17.2
)
Stock compensation expense
4.3

 
4.3

 
17.5

 
17.5

Intangible amortization expense
1.2

 
1.2

 
4.8

 
4.8

Acquisition and restructuring expense
0.4

 
0.4

 
1.4

 
1.4

Total adjustments
5.9

 
5.9

 
23.7

 
23.7

Non-GAAP net income
$
2.1

 
$
5.6

 
$
3.0

 
$
6.5

Weighted average shares (in thousands)
 
 
 
 
 
 
 
Basic
29,530

 
29,530

 
28,920

 
28,920

Diluted - GAAP
29,530

 
29,530

 
28,920

 
28,920

    Diluted - Non-GAAP
30,830

 
30,830

 
30,000

 
30,000

 
 
 
 
 
 
 
 
GAAP net loss per share, basic and diluted
$
(0.13
)
 
$
(0.01
)
 
$
(0.72
)
 
$
(0.59
)
 
 
 
 
 
 
 
 
Non-GAAP net income per share :
 
 
 
 
 
 
 
Basic
$
0.07

 
$
0.19


$
0.10


$
0.22

Diluted
$
0.07

 
$
0.18


$
0.10


$
0.22




Reconciliation of Non-GAAP net income (loss) to adjusted EBITDA
 
 
 
 
 
Q4-17
 
FY-17
 
Low
 
High
 
Low
 
High
Non-GAAP net income
$
2.1

 
$
5.6

 
$
3.0

 
$
6.5

Interest income, net
(0.1
)
 
(0.1
)
 
(0.4
)
 
(0.4
)
Depreciation expense
0.7

 
0.7

 
2.8

 
2.8

Provision for income taxes
0.5

 
0.5

 
1.6

 
1.6

Total adjustments
1.1

 
1.1

 
4.0

 
4.0

Adjusted EBITDA
$
3.2

 
$
6.7

 
$
7.0

 
$
10.5


* Amounts may not recompute due to rounding.


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