|
|
|
001-35469
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94-3354663
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(Commission
File Number)
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|
(IRS Employer
Identification No.)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.0003 par value
|
VCRA
|
New York Stock Exchange
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Exhibit
Number
|
|
Description
|
99.01
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|
|
104
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The cover page on this Current Report on Form 8-K, formatted in Inline XBRL
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|
|
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VOCERA COMMUNICATIONS, INC.
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||
April 23, 2020
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By:
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/s/ Justin R. Spencer
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|
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Justin R. Spencer
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|
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Executive Vice President and
Chief Financial Officer
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•
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Total revenue of $40.7 million, compared to $35.3 million last year
|
•
|
GAAP net loss per share of $(0.33); non-GAAP diluted loss per share of $(0.14)
|
•
|
GAAP net loss of $(10.5) million; Adjusted EBITDA of $(2.0) million
|
•
|
Deferred revenue and backlog combined of $125.0 million as of March 31, 2020, an increase of 5% over last year
|
(in thousands)
|
Three months ended March 31,
|
|||||||||
|
2020
|
|
2019
|
|
% change
|
|||||
Product revenue
|
|
|
|
|
|
|||||
Device
|
$
|
13,903
|
|
|
$
|
10,060
|
|
|
38.2
|
%
|
Software
|
3,947
|
|
|
3,943
|
|
|
0.1
|
|
||
Total product
|
$
|
17,850
|
|
|
$
|
14,003
|
|
|
27.5
|
%
|
|
|
|
|
|
|
|||||
Service revenue
|
|
|
|
|
|
|||||
Maintenance and support
|
$
|
18,069
|
|
|
$
|
16,393
|
|
|
10.2
|
%
|
Professional services and training
|
4,754
|
|
|
4,913
|
|
|
(3.2
|
)
|
||
Total service
|
22,823
|
|
|
21,306
|
|
|
7.1
|
%
|
||
Total revenue
|
$
|
40,673
|
|
|
$
|
35,309
|
|
|
15.2
|
%
|
|
Three months ended March 31,
|
||||
|
2020
|
|
2019
|
||
Gross margin
|
|
|
|
||
Product
|
64.3
|
%
|
|
61.9
|
%
|
Service
|
53.9
|
|
|
51.7
|
|
Total gross margin
|
58.5
|
%
|
|
55.8
|
%
|
|
|
|
|
||
Non-GAAP gross margin
|
|
|
|
||
Product
|
65.3
|
%
|
|
67.2
|
%
|
Service
|
57.4
|
|
|
55.7
|
|
Total non-GAAP gross margin
|
60.9
|
%
|
|
60.2
|
%
|
|
Three months ended March 31,
|
||||||
(in thousands except per share amounts)
|
2020
|
|
2019
|
||||
Net loss
|
$
|
(10,470
|
)
|
|
$
|
(11,735
|
)
|
Net loss per share
|
$
|
(0.33
|
)
|
|
$
|
(0.38
|
)
|
Non-GAAP net loss
|
$
|
(4,310
|
)
|
|
$
|
(5,173
|
)
|
Non-GAAP diluted net loss per share
|
$
|
(0.14
|
)
|
|
$
|
(0.17
|
)
|
Adjusted EBITDA
|
$
|
(2,010
|
)
|
|
$
|
(3,482
|
)
|
•
|
Our stock options, restricted stock units, and stock purchase plans are important components of incentive compensation arrangements and will be reflected as expenses in our GAAP results for the foreseeable future; and
|
•
|
Other companies may calculate non-GAAP financial measures differently than us, limiting their usefulness as a comparative measure.
|
|
Three months ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Revenue
|
|
|
|
||||
Product
|
$
|
17,850
|
|
|
$
|
14,003
|
|
Service
|
22,823
|
|
|
21,306
|
|
||
Total revenue
|
40,673
|
|
|
35,309
|
|
||
Cost of revenue
|
|
|
|
||||
Product
|
6,364
|
|
|
5,334
|
|
||
Service
|
10,523
|
|
|
10,290
|
|
||
Total cost of revenue
|
16,887
|
|
|
15,624
|
|
||
Gross profit
|
23,786
|
|
|
19,685
|
|
||
Operating expenses
|
|
|
|
||||
Research and development
|
9,032
|
|
|
8,146
|
|
||
Sales and marketing
|
16,963
|
|
|
16,019
|
|
||
General and administrative
|
6,391
|
|
|
6,580
|
|
||
Total operating expenses
|
32,386
|
|
|
30,745
|
|
||
Loss from operations
|
(8,600
|
)
|
|
(11,060
|
)
|
||
Interest income
|
1,120
|
|
|
1,279
|
|
||
Interest expense
|
(2,274
|
)
|
|
(2,121
|
)
|
||
Other income (expense), net
|
(591
|
)
|
|
131
|
|
||
Loss before income taxes
|
(10,345
|
)
|
|
(11,771
|
)
|
||
Benefit from (provision for) income taxes
|
(125
|
)
|
|
36
|
|
||
Net loss
|
$
|
(10,470
|
)
|
|
$
|
(11,735
|
)
|
|
|
|
|
||||
Loss per share
|
|
|
|
||||
Basic
|
$
|
(0.33
|
)
|
|
$
|
(0.38
|
)
|
Diluted
|
$
|
(0.33
|
)
|
|
$
|
(0.38
|
)
|
Weighted average shares used to compute net loss per share
|
|
|
|
||||
Basic
|
31,738
|
|
|
30,800
|
|
||
Diluted
|
31,738
|
|
|
30,800
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
31,136
|
|
|
$
|
25,704
|
|
Short-term investments
|
202,632
|
|
|
204,164
|
|
||
Accounts receivable, net of allowance
|
26,283
|
|
|
42,547
|
|
||
Other receivables
|
6,374
|
|
|
6,312
|
|
||
Inventories
|
6,027
|
|
|
4,576
|
|
||
Prepaid expenses and other current assets
|
5,694
|
|
|
5,149
|
|
||
Total current assets
|
278,146
|
|
|
288,452
|
|
||
Property and equipment, net
|
8,251
|
|
|
8,661
|
|
||
Intangible assets, net
|
5,141
|
|
|
5,461
|
|
||
Goodwill
|
49,246
|
|
|
49,246
|
|
||
Deferred commissions
|
10,307
|
|
|
10,477
|
|
||
Other long-term assets
|
7,368
|
|
|
8,158
|
|
||
Total assets
|
$
|
358,459
|
|
|
$
|
370,455
|
|
Liabilities and stockholders' equity
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable
|
$
|
3,142
|
|
|
$
|
6,036
|
|
Accrued payroll and other current liabilities
|
15,311
|
|
|
14,757
|
|
||
Deferred revenue, current
|
45,987
|
|
|
50,033
|
|
||
Total current liabilities
|
64,440
|
|
|
70,826
|
|
||
Deferred revenue, long-term
|
10,689
|
|
|
11,442
|
|
||
Convertible senior notes, net
|
118,913
|
|
|
117,178
|
|
||
Other long-term liabilities
|
6,310
|
|
|
7,184
|
|
||
Total liabilities
|
200,352
|
|
|
206,630
|
|
||
Stockholders' equity
|
158,107
|
|
|
163,825
|
|
||
Total liabilities and stockholders’ equity
|
$
|
358,459
|
|
|
$
|
370,455
|
|
Vocera Communications, Inc.
|
|||||||||||||||||||
Three months ended March 31, 2020
|
|||||||||||||||||||
|
|||||||||||||||||||
|
|
|
Stock
|
|
Intangible
|
|
|
|
|
||||||||||
(In thousands)
|
GAAP
|
|
compensation
|
|
amortization
|
|
Total
|
|
Non-GAAP
|
||||||||||
|
2020
|
|
expense (a)
|
|
(b)
|
|
adjustments
|
|
2020
|
||||||||||
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
|
|||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
||||||||||
Product
|
$
|
17,850
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,850
|
|
Service
|
22,823
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,823
|
|
|||||
Total revenue
|
40,673
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,673
|
|
|||||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
||||||||||
Product
|
6,364
|
|
|
162
|
|
|
11
|
|
|
173
|
|
|
6,191
|
|
|||||
Service
|
10,523
|
|
|
811
|
|
|
—
|
|
|
811
|
|
|
9,712
|
|
|||||
Total cost of revenue
|
16,887
|
|
|
973
|
|
|
11
|
|
|
984
|
|
|
15,903
|
|
|||||
Gross profit
|
$
|
23,786
|
|
|
$
|
973
|
|
|
$
|
11
|
|
|
$
|
984
|
|
|
$
|
24,770
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Stock
|
|
Intangible
|
|
|
|
|
||||||||||
(In thousands)
|
GAAP
|
|
compensation
|
|
amortization
|
|
Total
|
|
Non-GAAP
|
||||||||||
|
2020
|
|
expense (a)
|
|
(b)
|
|
adjustments
|
|
2020
|
||||||||||
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
$
|
9,032
|
|
|
$
|
966
|
|
|
$
|
—
|
|
|
$
|
966
|
|
|
$
|
8,066
|
|
Sales and marketing
|
16,963
|
|
|
1,860
|
|
|
269
|
|
|
2,129
|
|
|
14,834
|
|
|||||
General and administrative
|
6,391
|
|
|
2,042
|
|
|
39
|
|
|
2,081
|
|
|
4,310
|
|
|||||
Total operating expenses
|
$
|
32,386
|
|
|
$
|
4,868
|
|
|
$
|
308
|
|
|
$
|
5,176
|
|
|
$
|
27,210
|
|
Three months ended March 31, 2019
|
|||||||||||||||||||
|
|
|
Stock
|
|
Intangible
|
|
|
|
|
||||||||||
(In thousands)
|
GAAP
|
|
compensation
|
|
amortization
|
|
Total
|
|
Non-GAAP
|
||||||||||
|
2019
|
|
expense (a)
|
|
(b)
|
|
adjustments
|
|
2019
|
||||||||||
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
|
|||||||||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
||||||||||
Product
|
$
|
14,003
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,003
|
|
Service
|
21,306
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,306
|
|
|||||
Total revenue
|
35,309
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,309
|
|
|||||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
||||||||||
Product
|
5,334
|
|
|
137
|
|
|
610
|
|
|
747
|
|
|
4,587
|
|
|||||
Service
|
10,290
|
|
|
841
|
|
|
—
|
|
|
841
|
|
|
9,449
|
|
|||||
Total cost of revenue
|
15,624
|
|
|
978
|
|
|
610
|
|
|
1,588
|
|
|
14,036
|
|
|||||
Gross profit
|
$
|
19,685
|
|
|
$
|
978
|
|
|
$
|
610
|
|
|
$
|
1,588
|
|
|
$
|
21,273
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Stock
|
|
Intangible
|
|
|
|
|
||||||||||
(In thousands)
|
GAAP
|
|
compensation
|
|
amortization
|
|
Total
|
|
Non-GAAP
|
||||||||||
|
2019
|
|
expense (a)
|
|
(b)
|
|
adjustments
|
|
2019
|
||||||||||
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development
|
$
|
8,146
|
|
|
$
|
822
|
|
|
$
|
—
|
|
|
$
|
822
|
|
|
$
|
7,324
|
|
Sales and marketing
|
16,019
|
|
|
1,720
|
|
|
369
|
|
|
2,089
|
|
|
13,930
|
|
|||||
General and administrative
|
6,580
|
|
|
2,024
|
|
|
39
|
|
|
2,063
|
|
|
4,517
|
|
|||||
Total operating expenses
|
$
|
30,745
|
|
|
$
|
4,566
|
|
|
$
|
408
|
|
|
$
|
4,974
|
|
|
$
|
25,771
|
|