VOCERA COMMUNICATIONS, INC.

CIK:0001129260|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue
Total revenue	$ 234,185	$ 198,420	$ 180,501
Cost of revenue
Total cost of revenue	79,332	69,803	71,402
Gross profit	154,853	128,617	109,099
Operating expenses
Research and development	45,850	38,820	34,280
Sales and marketing	74,551	65,494	63,168
General and administrative	38,537	28,382	25,774
Total operating expenses	158,938	132,696	123,222
Loss from operations	(4,085)	(4,079)	(14,123)
Interest income	1,032	3,169	5,110
Interest expense	(3,198)	(9,354)	(8,789)
Other expense, net	(1,550)	(640)	(158)
Loss before income taxes	(7,801)	(10,904)	(17,960)
(Provision for) benefit from income taxes	(694)	1,248	(20)
Net loss	$ (8,495)	$ (9,656)	$ (17,980)
Net loss per share:
Basic (in dollars per share)	$ (0.25)	$ (0.30)	$ (0.57)
Diluted (in dollars per share)	$ (0.25)	$ (0.30)	$ (0.57)
Weighted average shares used to compute net loss per share:
Basic (in shares)	34,295	32,215	31,273
Diluted (in shares)	34,295	32,215	31,273
Product
Revenue
Total revenue	$ 118,170	$ 100,567	$ 92,561
Cost of revenue
Total cost of revenue	31,675	28,805	29,039
Service
Revenue
Total revenue	116,015	97,853	87,940
Cost of revenue
Total cost of revenue	$ 47,657	$ 40,998	$ 42,363

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Net loss	$ (8,495)	$ (9,656)	$ (17,980)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	10,246	6,387	7,289
Accretion of investments	2,644	1,089	(587)
Stock-based compensation expense	31,256	25,725	23,865
Amortization of debt discount and issuance costs	1,378	7,198	6,638
Release of deferred tax valuation allowance	0	(2,056)	0
Non-cash lease expense	3,822	2,566	1,741
Non-cash impact of induced premium	2,059	0	0
Change in fair value of contingent consideration	(2,893)	797	0
Other	692	(76)	(71)
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable	(1,641)	(2,662)	(2,420)
Other receivables	(794)	40	(2,064)
Inventories	2,881	(5,259)	(293)
Prepaid expenses and other assets	1,264	(1,196)	(880)
Deferred commissions	(4,304)	(1,816)	(174)
Accounts payable	1,660	(2,615)	1,475
Accrued payroll and other liabilities	(2,102)	7,528	(2,431)
Change in lease-related performance obligations	(1,146)	(1,234)	(1,173)
Deferred revenue	17,448	2,098	2,843
Net cash provided by operating activities	53,975	26,858	15,778
Cash flows from investing activities
Payment for property and equipment	(3,846)	(4,236)	(4,576)
Business acquisitions, net of cash and restricted cash acquired	(35,397)	(24,218)	0
Purchases of short-term investments	(251,832)	(139,677)	(137,508)
Maturities of short-term investments	204,346	118,309	121,548
Sales of short-term investments	3,019	29,381	0
Net cash used in investing activities	(83,710)	(20,441)	(20,536)
Cash flows from financing activities
Cash from lease-related performance obligations	516	2,027	1,735
Repayment of borrowings	(102,946)	0	0
Proceeds from issuance of the convertible senior notes, net of issuance costs	217,707	0	0
Payment for purchase of capped calls	(17,354)	0	0
Proceeds from issuance of common stock from the employee stock purchase plan	4,150	3,739	3,472
Proceeds from exercise of stock options	3,202	3,460	2,440
Tax withholdings paid on behalf of employees for net share settlement	(14,212)	(6,371)	(11,461)
Net cash provided by (used in) financing activities	91,063	2,855	(3,814)
Net increase (decrease) in cash and cash equivalents	61,328	9,272	(8,572)
Cash, cash equivalents, and restricted cash at beginning of period	34,976	25,704	34,276
Cash, cash equivalents, and restricted cash at end of period	96,304	34,976	25,704
Supplemental cash flow information
Cash paid for interest	1,821	2,156	2,156
Cash paid for income taxes	704	407	345
Supplemental disclosure of non-cash investing and financing activities
Operating lease right-of-use assets exchanged for lease obligations, net of acquired leases	13,028	327	2,830
Convertible senior notes converted to equity	477	0	0
Property and equipment in accounts payable and accrued liabilities	$ 693	$ 157	$ 458

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 96,304	$ 34,976
Short-term investments	236,089	195,227
Accounts receivable, net of allowance	48,213	45,653
Other receivables	7,188	6,170
Inventories	7,165	10,159
Prepaid expenses and other current assets	4,783	6,317
Total current assets	399,742	298,502
Property and equipment, net	7,789	8,103
Intangible assets, net	19,671	12,788
Goodwill	94,883	69,168
Deferred commissions	16,596	12,293
Other long-term assets	17,379	5,967
Total assets	556,060	406,821
Current liabilities
Accounts payable	5,330	3,127
Accrued payroll and other current liabilities	29,946	23,195
Deferred revenue, current	73,223	54,785
Convertible senior notes, net	40,411	0
Total current liabilities	148,910	81,107
Deferred revenue, long-term	10,732	9,948
Convertible senior notes, net	218,635	124,376
Other long-term liabilities	15,686	10,374
Total liabilities	393,963	225,805
Stockholders' equity
Preferred stock, $0.0003 par value - 5,000,000 shares authorized as of December 31, 2021 and December 31, 2020; zero shares issued and outstanding	0	0
Common stock, $0.0003 par value - 100,000,000 shares authorized as of December 31, 2021 and December 31, 2020; 34,923,302 and 32,692,561 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	10	10
Additional paid-in capital	315,816	340,515
Accumulated other comprehensive (loss) income	(470)	473
Accumulated deficit	(153,259)	(159,982)
Total stockholders’ equity	162,097	181,016
Total liabilities and stockholders’ equity	$ 556,060	$ 406,821