Burke & Herbert Bank & Trust Co
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Financials : Banks |
Company profile

Burke & Herbert Bank & Trust Company (the Bank) is a local bank serving individuals, families and businesses in the Northern Virginia area. The Company provides personal, business and online banking. It has 23 branches throughout Northern Virginia and Prince William County. The Company's activities included the purchase and sale of bank notes and coin, the collection of sight and time bills, the negotiation of loans, bonds, and the buying and selling of stocks and other public securities, on commission. The Company’s personal banking provides checking and savings; debit, credit and gift cards; mortgage; loan and lines, and investment account and services. Its business banking provides checking and savings, credit, loans and lines and business services. Its online banking includes online bill pay, mobile banking and e-statements.

Closing Price
$2,200.00
Day's Change
9.00 (0.41%)
Bid
--
Ask
--
B/A Size
--
Day's High
2,200.00
Day's Low
2,191.00
Volume
(Light)
Volume:
39

10-day average volume:
50
39

Vocera Announces Third Quarter 2021 Financial Results

4:05 pm ET October 28, 2021 (BusinessWire) Print

Vocera Communications, Inc. (NYSE: VCRA), a recognized leader in clinical communication and workflow solutions, today reported total revenue of $63.6 million for the third quarter of 2021, an increase of 18% compared to the third quarter of 2020.

"The third quarter was another fantastic quarter for our business with strong growth and customer success," said Brent Lang, Chairman and CEO of Vocera. "Our market leadership in both the commercial and federal healthcare markets continued with impressive bookings and revenue growth, demonstrating the value of our unique solutions and the strong execution by our team."

Third quarter of 2021 financial highlights include:

Total revenue of $63.6 million, up 18% compared to $53.8 million last year GAAP net income of $2.1 million compared to $4.2 million last year Adjusted EBITDA of $15.3 million compared to $13.5 million last year Deferred revenue and backlog was $252.7 million as of September 30, 2021, an increase of 67% over last year

Third Quarter 2021 Results

(in thousands)                     Three months ended September 30,                                                         Three months ended September 30,
                                   -------------------------------- --------------------------------------------------------------------------------------------------------------------------------------
                              2021                              2021                                 2020                              % change
                                   -------------------------------- --------------------------------                        --------------------------------                        ------------------------------
Product revenue                                                                       
Device                             $                                $      20,650     $      17,027           21.3 %
Software                                                     12,286        12,286            11,483            7.0  
                                   -------------------------------- ------------  --------------------                      ------------  --------------------
Total product                      $                                $      32,936     $      28,510           15.5 %
                                                                   
Service revenue                                                                       
Subscription and support           $                                $      25,069     $      20,387           23.0 %
Professional services and training                            5,563         5,563             4,918           13.1  
                                   -------------------------------- ------------  --------------------                      ------------  --------------------
Total service                                                30,632        30,632            25,305           21.1 %
                                   -------------------------------- ------------  --------------------                      ------------  --------------------

GAAP gross margin for the third quarter of 2021 was 67.6%, compared to 67.5% for the third quarter of 2020.

   Three months ended September 30,                           Three months ended September 30,
                      -------------------------------- --------------------------------------------------------------------------------
                 2021                             2021                              2020
                      -------------------------------- ------------------------------                       ------------------------------
Gross margin                                        
Product                                           74.6       74.6 %                            75.0 %
Service                                           60.1       60.1           59.1  
Total gross margin                                67.6       67.6 %                            67.5 %
                                 
Non-GAAP gross margin                               
Product                                           78.5       78.5 %                            75.9 %
Service                                           63.8       63.8           62.7  

GAAP net income for the third quarter of 2021 was $2.1 million, or $0.06 per share, compared to GAAP net income of $4.2 million, or $0.13 per share for the third quarter of 2020.

                     Three months ended September 30,                            Three months ended September 30,
                                        -------------------------------- -------------------------------------------------------------------------------
(in thousands except per share amounts)               2021                             2021                               2020
                                        -------------------------------- ------------------------------                        -----------------------------
Net income                              $                                $     2,077     $    4,161  
Net income per share                    $                                $      0.06     $     0.13  
Non-GAAP net income                     $                                $    10,829     $    8,502  
Non-GAAP diluted net income per share   $                                $      0.28     $     0.26  

Deferred revenue as of September 30, 2021 was $66.7 million compared to $64.7 million as of December 31, 2020. Cash, cash equivalents and short-term investments were $304.6 million as of September 30, 2021 compared to $230.2 million as of December 31, 2020.

2021 Guidance

The Company has increased its 2021 guidance for revenue, adjusted EBITDA and GAAP loss per share. Revenue is expected to be in a range of $226.0 million and $233.0 million and GAAP loss per share between $(0.48) and $(0.30). The Company expects non-GAAP diluted earnings per share to be between $0.62 and $0.72 and non-GAAP Adjusted EBITDA to be between $35.0 million and $40.0 million.

                     Year ending December 31, 2021                            Year ending December 31, 2021
                                       ----------------------------- ------------------------------------------------------------------------------
(in millions except per share amounts)               Low                            Low                              High
                                       ----------------------------- -----------------------------                        -----------------------------
Revenue                                $                             $    226.0     $    233.0  
Loss per share                         $                             $    (0.48 )                      $    (0.30 )
Non-GAAP diluted earnings per share    $                             $     0.62     $     0.72  

Non-GAAP Income Tax Expense

Starting April 1, 2021, the Company changed the calculation of its non-GAAP provision for income taxes in accordance with the SEC guidance of non-GAAP financial measures and has applied such change to all periods presented. The Company's current and deferred income tax expense is commensurate with the non-GAAP measure of profitability using a non-GAAP tax rate of 20% for the three and nine months ended September 30, 2021 and 2020. The Company uses annual projected tax rate in its computation of the non-GAAP income tax provision, and excludes the direct impact of stock-based compensation, intangible amortization expenses and acquisition related expenses. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate.

The change will not affect the company's non-GAAP income before income taxes, actual cash tax payments, or cash flows, but will result in higher non-GAAP provision for income taxes. The Company, however, does not expect to pay substantial taxes on a GAAP basis in the U.S. and certain other foreign jurisdictions for the foreseeable future due to its net operating loss carryforward balances.

Conference Call Information

Vocera Communications will host a conference call at 5 p.m. ET (2 p.m. PT) today, October 28, 2021, to discuss the Company's results.

A free, live webcast of the conference call will be available on the Investors section of the company's website at investors.vocera.com.

The call also can be accessed by dialing +1 844-200-6205, or +1 929-526-1599 for international callers, and using the access code 231016.

A replay of the call will be archived after the event 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. 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 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 for our solutions; our ability to obtain the required capacity and product quality from our contract manufacturers; 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; potential impacts of the COVID-19 pandemic on our operations, changes in regulations in the U.S. and other countries; our ability to achieve anticipated strategic or financial benefits from our acquisitions; our ability to develop and introduce new solutions and features to existing solutions and to manage our growth; the impact of tax law reform on us or our customers; and the other factors described in our most recently filed 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 2021, 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 therefor. Actual events or results could differ materially from those anticipated in forward-looking statements.

Computational Guidance on Earnings Per Share Estimates

Accounting principles require that EPS be computed based on the weighted average shares outstanding ("basic"), and also assuming the issuance of potentially issuable shares (such as those subject to stock options, convertible notes, etc.) if those potentially issuable shares would reduce EPS ("diluted").

The number of shares related to options and similar instruments included in diluted EPS is based on the "Treasury Stock Method" prescribed in Financial Accounting Standards Board ("FASB") ASC Topic 260, Earnings Per Share ("FASB ASC Topic 260"). This method assumes a theoretical repurchase of shares using the proceeds of the respective stock option exercise at a price equal to the issuer's average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of diluted EPS in respect of stock options and similar instruments is dependent on this average stock price and will increase as the average stock price increases.

Starting January 1, 2021, the number of shares included in the calculation of diluted EPS in respect of convertible senior notes is based on the "If Converted" method prescribed in FASB ASC Topic 260. This method assumes the conversion or exchange of these securities for shares of common stock. In determining if convertible securities are dilutive, the interest savings (net of tax) subsequent to an assumed conversion are added back to net earnings. The shares related to a convertible security are included in diluted EPS only if EPS as otherwise calculated is greater than the interest savings, net of tax, divided by the shares issuable upon exercise or conversion of the instrument. Accordingly, the calculation of diluted EPS for these instruments is dependent on the level of net earnings.

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 diluted income/(loss) per share, non-GAAP operating expenses, non-GAAP other expense, net and non-GAAP provision for (benefit from) income taxes. 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 diluted income/(loss) per share, non-GAAP operating expenses, non-GAAP other expense, net, non-GAAP provision for (benefit from) income taxes, 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 2021, 2020, and 2016, and recorded 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 and other transitional employee costs treated as compensation expense as well as the change in the fair value of contingent consideration payments payable to the selling shareholders. 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) Income tax effects. Starting April 1, 2021, we changed the calculation of our non-GAAP provision for income taxes in accordance with the SEC guidance of non-GAAP financial measures. The Company's current and deferred income tax expense is commensurate with the non-GAAP measure of profitability using a non-GAAP tax rate of 20% for the three and nine months ended September 30, 2021 and 2020. We use the annual projected tax rate in computation of the non-GAAP income tax provision, and exclude the direct impact of stock-based compensation, intangible amortization expenses and acquisition related expenses. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate.

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 are largely outside of the Company'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:

a) 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;

b) 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

c) 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:

a) 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.

b) 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, performance based 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 improve the lives of healthcare professionals, patients, and families. Founded in 2000, Vocera provides clinical communication and workflow solutions that help protect and connect team members, increase operational efficiency, enhance quality of care and safety, and humanize the healthcare experience. More than 2,300 facilities worldwide, including nearly 1,900 hospitals and healthcare facilities, have selected Vocera solutions to enable their workforce to communicate and collaborate with co-workers and engage with patients and families. Mobile workers can choose the right device for their role or task, including smartphones or one of the company's wearable communication devices, and use voice commands to easily reach people by name, role, or group. The hands-free Vocera Smartbadge was named to TIME's list of the 100 Best Inventions of 2020. Vocera solutions can integrate with more than 150 clinical and operational systems, including electronic health records, nurse call systems, ventilators, physiological monitors, and more. In addition to healthcare, Vocera solutions are found in aged care facilities, veterinary hospitals, schools, luxury hotels, retail stores, power facilities, and more. Visit www.vocera.com/ to learn more and follow @VoceraComm on Twitter.

Vocera(R) and the Vocera logo are trademarks 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.

                                                                                                                                           Vocera Communications, Inc.
                                                                                                                                 Condensed Consolidated Statements of Operations
                                                                                                                                    (In Thousands, Except Per Share Amounts)
                                                                                                                                                   (Unaudited)
                                                                                                                                          
                                                 Three months ended September 30,                              Three months ended September 30,                                                              Nine months ended September 30,
                                                                    -------------------------------- ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                               2021                              2021                                 2020                                 2021                                 2020
------------------------------------------------------------------- -------------------------------- --------------------------------   -------------------- --------------------------------   -------------------- --------------------------------   -------------------- --------------------------------
Revenue                                                                                                                                  
                                                                    $                                $      32,936     $      28,510     $      83,888     $      70,311  
   Product
                                                                                              30,632        30,632            25,305            84,528            71,524  
   Service
                                                                    -------------------------------- ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                                              63,568        63,568            53,815           168,416           141,835  
      Total revenue
                                                                    -------------------------------- ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
Cost of revenue                                                                                                                          
                                                                                               8,361         8,361             7,139            22,858            21,213  
   Product
                                                                                              12,230        12,230            10,346            35,440            30,563  
   Service
                                                                    -------------------------------- ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                                              20,591        20,591            17,485            58,298            51,776  
      Total cost of revenue
                                                                    -------------------------------- ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
Gross profit                                                                                  42,977        42,977            36,330           110,118            90,059  
                                                                    -------------------------------- ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
Operating expenses                                                                                                                       
                                                                                              12,294        12,294             9,559            34,650            27,940  
   Research and development
                                                                                              19,132        19,132            15,291            55,227            48,252  
   Sales and marketing
                                                                                               8,162         8,162             7,464            24,501            20,778  
   General and administrative
                                                                    -------------------------------- ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                                              39,588        39,588            32,314           114,378            96,970  
   Total operating expenses
                                                                    -------------------------------- ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
Income (loss) from operations                                                                  3,389         3,389             4,016            (4,260 )                             (6,911 )
Interest income                                                                                  227           227               645               868             2,678  
Interest expense                                                                                (812          (812 )                             (2,368 )                             (2,383 )                             (6,950 )
Other (expense) income, net                                                                     (549          (549 )                                264            (1,551 )                               (117 )
                                                                    -------------------------------- ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
Income (loss) before income taxes                                                              2,255         2,255             2,557            (7,326 )                            (11,300 )
(Provision for) benefit from income taxes                                                       (178          (178 )                              1,604              (512 )                              1,523  
                                                                    -------------------------------- ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
Net income (loss)                                                   $                                $       2,077     $       4,161     $      (7,838 )                      $      (9,777 )
                                                                    ================================ ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                                                                      
Income (loss) per share                                                                                                                  
                                                                    $                                $        0.06     $        0.13     $       (0.23 )                      $       (0.30 )
   Basic
                                                                    ================================ ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                    $                                $        0.06     $        0.13     $       (0.23 )                      $       (0.30 )
   Diluted
                                                                    ================================ ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
Weighted average shares used to compute net income (loss) per share                                                                      
                                                                                              34,733        34,733            32,394            34,108            32,096  
   Basic
                                                                    ================================ ============  ====================                      ============  ====================                      ============  ====================                      ============  ====================
                                                                     Vocera Communications, Inc.
                                                                Condensed Consolidated Balance Sheets
                                                                           (In Thousands)
                                                                             (Unaudited)
                                                    
                                  September 30,                September 30,                         December 31,
                                                         2021                         2021                                                     2020
------------------------------------------------ -------------------- ---------------------------------   -------------------- ----------------------------------
Assets                                                                 
Current assets                                                         
                                                 $                    $       40,602     $        34,976  
   Cash and cash equivalents
                                                              263,973        263,973             195,227  
   Short-term investments
                                                               43,802         43,802              45,653  
   Accounts receivable, net of allowance
                                                                6,834          6,834               6,170  
   Other receivables
                                                                8,074          8,074              10,159  
   Inventories
                                                                6,542          6,542               6,317  
   Prepaid expenses and other current assets
                                                 -------------------- -------------  --------------------                      --------------  --------------------
                                                              369,827        369,827             298,502  
      Total current assets
Property and equipment, net                                     6,477          6,477               8,103  
Intangible assets, net                                         21,272         21,272              12,788  
Goodwill                                                       94,833         94,833              69,168  
Deferred commissions                                           17,167         17,167              12,293  
Other long-term assets                                          7,109          7,109               5,967  
                                                 -------------------- -------------  --------------------                      --------------  --------------------
                                                 $                    $      516,685     $       406,821  
      Total assets
                                                 ==================== ====== ======= ====================                      ======= ======= ====================
Liabilities and stockholders' equity                                   
Current liabilities                                                    
                                                 $                    $        7,493     $         3,127  
   Accounts payable
                                                               25,013         25,013              23,195  
   Accrued payroll and other current liabilities
                                                               55,753         55,753              54,785  
   Deferred revenue, current
                                                               40,338         40,338      --  
   Convertible senior notes, net
                                                 -------------------- -------------  --------------------                      --------------  --------------------
                                                              128,597        128,597              81,107  
      Total current liabilities
Deferred revenue, long-term                                    10,954         10,954               9,948  
Convertible senior notes, net                                 218,327        218,327             124,376  
Other long-term liabilities                                     6,501          6,501              10,374  
                                                 -------------------- -------------  --------------------                      --------------  --------------------
                                                              364,379        364,379             225,805  
      Total liabilities
Stockholders' equity                                          152,306        152,306             181,016  
                                                 -------------------- -------------  --------------------                      --------------  --------------------
                                                                                                                                                                                            Vocera Communications, Inc.
                                                                                                                                                                                       Three months ended September 30, 2021
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   Stock                                                                 Acquisition                                                     
(In thousands)                        GAAP                        GAAP                                  compensation                                   Intangible                                      related                                        Total                                  Non-GAAP
                   2021                        2021                                   expense (a)                                amortization (b)                                 expense (c)                                   adjustments                                 2021
                              -------------------- --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue                                                                                                                                                        
                              $                    $      32,936     $       --     $       --     $       --     $       --     $      32,936  
   Product
                                            30,632        30,632             --             --             --             --            30,632  
   Service
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                            63,568        63,568             --             --             --             --            63,568  
      Total revenue
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Cost of revenue                                                                                                                                                
                                             8,361         8,361                        235                      1,043             --                      1,278             7,083  
   Product
                                            12,230        12,230                      1,176             --                       (41)                      1,135            11,095  
   Service
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                            20,591        20,591                      1,411                      1,043                       (41)                      2,413            18,178  
      Total cost of revenue
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Gross profit                  $                    $      42,977     $                1,411     $                1,043     $                 (41)     $                2,413     $      45,390  
                              -------------------- ------ ------ --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------ ------ --------------------
                                                                                                                                            
                                                   Stock                                                                 Acquisition                                                     
(In thousands)                        GAAP                        GAAP                                  compensation                                   Intangible                                      related                                        Total                                  Non-GAAP
                   2021                        2021                                   expense (a)                                amortization (b)                                 expense (c)                                   adjustments                                 2021
                              -------------------- --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
                                                                                                                                            
                              $                    $      12,294     $                1,222     $       --     $                  413     $                1,635     $      10,659  
   Research and development
                                            19,132        19,132                      2,876                        590                        304                      3,770            15,362  
   Sales and marketing
                                             8,162         8,162                      3,094             --                        157                      3,251             4,911  
   General and administrative
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
(a)   This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b)   This adjustment reflects the accounting impact of acquisitions in 2021, 2020, and 2016 in non-cash expense.
                                                                                                                                                                                       Three months ended September 30, 2020
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   Stock                                      Intangible                                    Acquisition                                                     
(In thousands)                        GAAP                        GAAP                                  compensation                                  amortization                                     related                                        Total                                  Non-GAAP
                   2020                        2020                                   expense (a)                                       (b)                                       expense (c)                                   adjustments                                 2020
                              -------------------- --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue                                                                                                                                                        
                              $                    $      28,510     $       --     $       --     $       --     $       --     $      28,510  
   Product
                                            25,305        25,305             --             --             --             --            25,305  
   Service
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                            53,815        53,815             --             --             --             --            53,815  
      Total revenue
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Cost of revenue                                                                                                                                                
                                             7,139         7,139                        147                        114             --                        261             6,878  
   Product
                                            10,346        10,346                        895             --             --                        895             9,451  
   Service
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                            17,485        17,485                      1,042                        114             --                      1,156            16,329  
      Total cost of revenue
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Gross profit                  $                    $      36,330     $                1,042     $                  114     $       --     $                1,156     $      37,486  
                              -------------------- ------ ------ --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------ ------ --------------------
                                                                                                                                            
                                                   Stock                                      Intangible                                    Acquisition                                                     
(In thousands)                        GAAP                        GAAP                                  compensation                                  amortization                                     related                                        Total                                  Non-GAAP
                   2020                        2020                                   expense (a)                                       (b)                                       expense (c)                                   adjustments                                 2020
                              -------------------- --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
                                                                                                                                            
                              $                    $       9,559     $                1,046     $       --     $                  222     $                1,268     $       8,291  
   Research and development
                                            15,291        15,291                      2,037                        375                        148                      2,560            12,731  
   Sales and marketing
                                             7,464         7,464                      2,554                         40                        485                      3,079             4,385  
   General and administrative
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
(a)   This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b)   This adjustment reflects the accounting impact of an acquisition in 2016 in non-cash expense.
                                                                                                                                                                                            Vocera Communications, Inc.
                                                                                                                                                                                       Nine months ended September 30, 2021
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                  Stock                                      Intangible                                    Acquisition                                                      
(In thousands)                      GAAP                         GAAP                                  compensation                                  amortization                                     related                                        Total                                   Non-GAAP
                 2021                         2021                                   expense (a)                                       (b)                                       expense (c)                                   adjustments                                  2021
                            -------------------- ---------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        ---------------------------------
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue                                                                                                                                                       
                            $                    $       83,888     $       --     $       --     $       --     $       --     $       83,888  
   Product
                                          84,528         84,528             --             --             --             --             84,528  
   Service
                            -------------------- -------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      -------------  --------------------
                                         168,416        168,416             --             --             --             --            168,416  
      Total revenue
                            -------------------- -------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      -------------  --------------------
Cost of revenue                                                                                                                                               
                                          22,858         22,858                        670                      2,068             --                      2,738             20,120  
   Product
                                          35,440         35,440                      3,220             --                        166                      3,386             32,054  
   Service
                            -------------------- -------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      -------------  --------------------
                                          58,298         58,298                      3,890                      2,068                        166                      6,124             52,174  
      Total cost of revenue
                            -------------------- -------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      -------------  --------------------
Gross profit                $                    $      110,118     $                3,890     $                2,068     $                  166     $                6,124     $      116,242  
                            -------------------- ------ ------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------ ------- --------------------
                                                                                                                                           
                                                  Stock                                      Intangible                                    Acquisition                                                      
(In thousands)                      GAAP                         GAAP                                  compensation                                  amortization                                     related                                        Total                                   Non-GAAP
                 2021                         2021                                   expense (a)                                       (b)                                       expense (c)                                   adjustments                                  2021
                            -------------------- ---------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        ---------------------------------
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
                                                                                                                                           
Research and development    $                    $       34,650     $                3,455     $       --     $                1,093     $                4,548     $       30,102  
Sales and marketing                       55,227         55,227                      7,633                      1,630                        806                     10,069             45,158  
General and administrative                24,501         24,501                      7,610                         78                      1,830                      9,518             14,983  
                            -------------------- -------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      -------------  --------------------
(a)   This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b)   This adjustment reflects the accounting impact of acquisitions in 2021, 2020, and 2016 in non-cash expense.
                                                                                                                                                                                       Nine months ended September 30, 2020
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   Stock                                      Intangible                                    Acquisition                                                     
(In thousands)                        GAAP                        GAAP                                  compensation                                  amortization                                     related                                        Total                                  Non-GAAP
                   2020                        2020                                   expense (a)                                       (b)                                       expense (c)                                   adjustments                                 2020
                              -------------------- --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue                                                                                                                                                        
                              $                    $      70,311     $       --     $       --     $       --     $       --     $      70,311  
   Product
                                            71,524        71,524             --             --             --             --            71,524  
   Service
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                           141,835       141,835             --             --             --             --           141,835  
      Total revenue
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Cost of revenue                                                                                                                                                
                                            21,213        21,213                        510                        125             --                        635            20,578  
   Product
                                            30,563        30,563                      2,619             --             --                      2,619            27,944  
   Service
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                            51,776        51,776                      3,129                        125             --                      3,254            48,522  
      Total cost of revenue
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Gross profit                  $                    $      90,059     $                3,129     $                  125     $       --     $                3,254     $      93,313  
                              -------------------- ------ ------ --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------ ------ --------------------
                                                                                                                                            
                                                   Stock                                      Intangible                                    Acquisition                                                     
(In thousands)                        GAAP                        GAAP                                  compensation                                  amortization                                     related                                        Total                                  Non-GAAP
                   2020                        2020                                   expense (a)                                       (b)                                       expense (c)                                   adjustments                                 2020
                              -------------------- --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
                                                                                                                                            
                              $                    $      27,940     $                3,035     $       --     $                  222     $                3,257     $      24,683  
   Research and development
                                            48,252        48,252                      5,858                        912                        148                      6,918            41,334  
   Sales and marketing
                                            20,778        20,778                      6,864                        118                        485                      7,467            13,311  
   General and administrative
                              -------------------- ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
(a)   This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
(b)   This adjustment reflects the accounting impact of an acquisition in 2016 in non-cash expense.
                                                                                                                                                          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,                                Three months ended September 30,                                                                         Nine months ended September 30,
                                                                             -------------------------------- ----------------------------------------------------------------------------------------                            -----------------------------------------------------------------------------------------------------
                                                                        2021                               2021                                   2020                                   2021                                          2020
                                                                             -------------------------------- ----------------------------------                        ----------------------------------                        ----------------------------------                        -----------------------------------------------
GAAP net income (loss)                                                       $                                $         2,077     $         4,161     $        (7,838 )                      $                     (9,777 )
Add back:                                                                                                                                               
                                                                                                        8,603           8,603               6,679              22,588                           18,886  
   Stock compensation expense
                                                                                                          833             833                 855               3,895                              855  
   Acquisition related expenses
                                                                                                          212             212                   8                 973                                8  
   Other expense, net (a)
                                                                                               --  --              (2,056 )                       --                           (2,056 )
   Release of deferred tax valuation allowance
                                                                                                         (224            (224 )                                 (638 )                                 (855 )                                            (2,655 )
   Interest income
                                                                                                          812             812               2,368               2,383                            6,950  
   Interest expense
                                                                                                        2,845           2,845               1,669               7,432                            4,470  
   Depreciation and amortization expense
                                                                                                          178             178                 452                 512                              533  
   Provision for income taxes (b)
                                                                             -------------------------------- --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------------  --------------------
Non-GAAP adjusted EBITDA                                                     $                                $        15,336     $        13,498     $        29,090     $                     17,214  
                                                                             ================================ ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ==================== ======= ====================
                                                                                                                                                        
    
GAAP net income (loss)                                                       $                                $         2,077     $         4,161     $        (7,838 )                      $                     (9,777 )
Add back:                                                                                                                                               
                                                                                                        8,603           8,603               6,679              22,588                           18,886  
   Stock compensation expense
                                                                                                        1,633           1,633                 529               3,776                            1,155  
   Intangible amortization
                                                                                                          833             833                 855               3,895                              855  
   Acquisition related expenses
                                                                                                          212             212                   8                 973                                8  
   Other expense, net (a)
                                                                                                       (2,529          (2,529 )                               (3,730 )                               (4,269 )                                            (3,444 )
   Provision for income taxes (b)
                                                                             -------------------------------- --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------------  --------------------
Non-GAAP net income                                                          $                                $        10,829     $         8,502     $        19,125     $                      7,683  
Add interest expense of convertible senior notes, net of tax                                              650             650      --               1,906                   --  
                                                                             -------------------------------- --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------------  --------------------
Numerator for non-GAAP diluted EPS calculation                               $                                $        11,479     $         8,502     $        21,031     $                      7,683  
                                                                             ================================ ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ==================== ======= ====================
                                                                                                                                     
Non-GAAP net income per share                                                                                                                           
                                                                             $                                $          0.31     $          0.26     $          0.56     $                       0.24  
   Basic
                                                                             $                                $          0.28     $          0.26     $          0.52     $                       0.24  
   Diluted
                                                                                                                                     
Non-GAAP weighted average shares used to compute net income per share, basic                           34,733          34,733              32,394              34,108                           32,096  
GAAP weighted average shares used to compute net income per share, diluted                             35,746          35,746              33,019              34,108                           32,096  
                                                                                                        4,998           4,998      --               5,061                   --  
   Dilutive effect of convertible senior notes
                                                                                               --  --      --               1,226           541  
   Dilutive effect of employee equity incentive plan awards and ESPP
                                                                             -------------------------------- --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      -------------------- ------- --------------------
   (a) This adjustment reflects the accounting impact of the quarterly valuation reassessment of contingent consideration resulting from the 2020 acquisition of $0.2 million and $(1.1) million for the three and nine months ended September 30, 2021, respectively and the induced conversion expense from repurchasing our 2023 Notes of $2.1 million for the nine months ended September 30, 2021.
                                                                                                                    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                
----------------------------------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                            Year ending                                                                         Year ending
                                                                                            December 31, 2021                                                                   December 31, 2021
                                                                                          -------------------- --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Low                                       Low                                                             High
                                                                                          -------------------- ------------------------------------------------------------                        ------------------------------------------------------------
Revenue                                                                                   $                    $                                   226.0     $                                   233.0  
                                                                                                                        
GAAP net loss                                                                                            (16.5                                     (16.5 )                                                          (10.4 )
                                                                                                          32.0                                      32.0                                          31.0  
   Stock compensation expense
                                                                                                           5.4                                       5.4                                           5.4  
   Intangible amortization expense
                                                                                                           4.3                                       4.3                                           4.3  
   Acquisition and restructuring expense
                                                                                                           2.0                                       2.0                                           2.0  
   Other expense
                                                                                                          (4.8                                      (4.8 )                                                           (5.8 )
   Income tax expense
                                                                                          -------------------- ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                                          38.9                                      38.9                                          36.9  
   Total adjustments
                                                                                          -------------------- ----------------------------------------  --------------------                      ----------------------------------------  --------------------
Non-GAAP net income                                                                       $                    $                                    22.4     $                                    26.5  
Add interest expense of convertible senior notes, net of tax                                               2.6                                       2.6                                           2.6  
                                                                                          -------------------- ----------------------------------------  --------------------                      ----------------------------------------  --------------------
Numerator for non-GAAP EPS calculation                                                    $                    $                                    25.0     $                                    29.1  
                                                                                          ==================== ==================== ==================== ====================                      ==================== ==================== ====================
Weighted average shares                                                                                                                    
                                                                                                          34.3                                      34.3                                          34.3  
   Basic
                                                                                                          40.6                                      40.6                                          40.6  
   Diluted
                                                                                                                        
GAAP loss per share:                                                                                                                       
                                                                                          $                    $                                   (0.48 )                      $                                   (0.30 )
   Basic
                                                                                          $                    $                                   (0.48 )                      $                                   (0.30 )
   Diluted
Non-GAAP net income per share:                                                                                                             
                                                                                          $                    $                                    0.65     $                                    0.77  
   Basic
                                                                                          $                    $                                    0.62     $                                    0.72  
   Diluted
                                                                                                                        
                                                                                                                        
Reconciliation of Non-GAAP net income to adjusted EBITDA                                                                                   
----------------------------------------------------------------------------------------- -------------------- ------------------------------------------------------------   -------------------- ------------------------------------------------------------
                                                                            Year ending                                                                         Year ending
                                                                                            December 31, 2021                                                                   December 31, 2021
                                                                                          -------------------- --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Low                                       Low                                                             High
                                                                                          -------------------- ------------------------------------------------------------                        ------------------------------------------------------------
Non-GAAP net income                                                                       $                    $                                    22.4     $                                    26.5  
                                                                                                           2.1                                       2.1                                           2.1  
   Interest expense, net
                                                                                                           4.9                                       4.9                                           4.9  
   Depreciation expense
                                                                                                           5.6                                       5.6                                           6.5  
   Provision for income taxes
                                                                                          -------------------- ----------------------------------------  --------------------                      ----------------------------------------  --------------------
Total adjustments                                                                                         12.6                                      12.6                                          13.5  
                                                                                          -------------------- ----------------------------------------  --------------------                      ----------------------------------------  --------------------

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028006137/en/

SOURCE: Vocera Communications, Inc.

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

Media: 
Shanna Hearon
Vocera Communications, Inc.
669.999.3368
shearon@vocera.com
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COMTEX_395979147/1006/2021-10-28T16:05:04

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