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Form 8-K VOCERA COMMUNICATIONS, For: Feb 08

February 8, 2018 4:15 PM


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 8, 2018
VOCERA COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
 
 
 
001-35469
 
94-3354663
(Commission
File Number)
 
(IRS Employer
Identification No.)

 
 
 
525 Race Street, San Jose, CA
 
95126
(Address of principal executive offices)
 
(Zip Code)
(408) 882-5100
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12-b-2).
    
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨






Item 2.02.    Results of Operations and Financial Condition.
On February 8, 2018, Vocera Communications, Inc. (the “Company”) reported its financial results for the quarter ended December 31, 2017. A copy of the press release issued by the Company is furnished as Exhibit 99.01 to this report.
The information furnished with Item 2.02 of this report, including Exhibit 99.01, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Exchange Act or under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.


Item 9.01.    Financial Statements and Exhibits.
Exhibit
Number
 
Description
99.01
 
Press release dated February 8, 2018 regarding the Company’s financial results for the quarter ended December 31, 2017.







EXHIBIT INDEX
Exhibit
Number
 
Description
99.01
 







SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
VOCERA COMMUNICATIONS, INC.
Date: February 8, 2018
By:
 
/s/ Justin R. Spencer
 
 
 
Justin R. Spencer
 
 
 
Executive Vice President and
Chief Financial Officer





logoa04.jpg

Vocera Announces Fourth Quarter Revenue of $45.5 million

SAN JOSE, Calif. - February 8, 2018 - Vocera Communications, Inc. (NYSE: VCRA), a recognized leader in clinical communication and workflow solutions, today reported total revenue of $45.5 million for the fourth quarter of 2017, an increase of 26% compared to revenue of $36.0 million in the fourth quarter of 2016.

“Our fourth quarter was full of accomplishments, closing out a truly great year for Vocera, with 27% annual revenue growth and solid profitability gains.  Our solutions continue to transform communications and workflow in the healthcare space,” said Brent Lang, president and CEO of Vocera. “The addition of Engage software to our platform has changed the tone of the conversation and secured us a meaningful seat at the table with hospitals as they set their IT spending priorities.” 


Fourth quarter of 2017 financial highlights include:

Total revenue of $45.5 million, up 26% year-over-year
GAAP net income per share of $0.09; non-GAAP net income per share of $0.29
GAAP net income of $2.7 million; Adjusted EBITDA of $9.3 million
Full-year bookings of $166.2 million, up 16% year-over-year
Deferred revenue of $63.7 million; and backlog of $64.4 million as of December 31, 2017
Cash, cash equivalents and short-term investments of $81.2 million as of December 31, 2017; no debt

Fourth Quarter 2017 Results
Total revenue for the fourth quarter of 2017 was $45.5 million, compared to $36.0 million in the fourth quarter of 2016.

(in thousands)
Three months ended December 31,
 
2017
 
2016
 
% change
Product revenue
 
 
 
 
 
Device
$
15,827

 
$
13,521

 
17.1
%
Software
9,098

 
6,339

 
43.5

Total product
$
24,925

 
$
19,860

 
25.5
%
 
 
 
 
 
 
Service revenue
 
 
 
 
 
Maintenance and support
$
14,361

 
$
11,676

 
23.0
%
Professional services and training
6,217

 
4,476

 
38.9

Total service
20,578

 
16,152

 
27.4

Total revenue
$
45,503

 
$
36,012

 
26.4
%






GAAP gross margin for the fourth quarter of 2017 was 64.5%, compared to 59.4% in the fourth quarter of 2016.
 
Three months ended December 31,
 
2017
 
2016
Gross margin
 
 
 
Product
72.6
%
 
68.0
%
Service
54.7

 
48.9

Total gross margin
64.5
%
 
59.4
%
 
 
 
 
Non-GAAP gross margin
 
 
 
Product
75.7
%
 
70.8
%
Service
58.1

 
53.3

Total non-GAAP gross margin
67.7
%
 
63.0
%

GAAP net income (loss) for the fourth quarter of 2017 was $2.7 million, or $0.09 per share, compared to $(9.8) million, or $(0.36) per share in the fourth quarter of 2016.
 
Three months ended December 31,
(in thousands except per share amounts)
2017
 
2016
Net income (loss)
$
2,659

 
$
(9,780
)
Net income (loss) per share
$
0.09

 
$
(0.36
)
Non-GAAP net income
$
9,002

 
$
49

Non-GAAP net income per share
$
0.29

 
$
0.00

Adjusted EBITDA
$
9,330

 
$
972


Deferred revenue at December 31, 2017, was $63.7 million compared to $55.0 million at December 31, 2016. Cash equivalents and short-term investments were $81.2 million at December 31, 2017 and $74.1 million at December 31, 2016. The Company continues to have a strong balance sheet with no debt.

Full Year and First Quarter 2018 Guidance
Beginning in the first quarter of 2018, the Company will adopt ASC 606, the new revenue recognition accounting standard, on a fully retrospective basis. As part of this accounting transition, a portion of the Company’s opening deferred revenue balance that could have been recognized in 2018, absent the adoption of ASC 606, will be reduced by approximately $8 million and re-cast to prior reporting periods. The Company’s re-cast financial statements for 2016 and 2017 are included in the accompanying financial schedules.

The Company’s guidance reflects full year and first quarter 2018 estimates under ASC 606. For the first quarter of 2018, the Company expects revenue between $37.0 million and $40.0 million and a GAAP loss per share between $(0.31) and $(0.23). The Company expects non-GAAP net loss per share to be between $(0.11) and $(0.03) and non-GAAP Adjusted EBITDA to be between $(2.0) million and $0.3 million.






For the full-year 2018, the Company expects revenue between $175.0 million and $183.0 million and a GAAP loss per share between $(0.63) and $(0.40). The Company expects non-GAAP net income per share to be between $0.28 and $0.48 and non-GAAP Adjusted EBITDA to be between $14.0 million and $20.0 million.

(in millions except per share amounts)
Q1’18
 
FY’18
 
Low
 
High
 
Low
 
High
Revenue
$
37.0

 
$
40.0

 
$
175.0

 
$
183.0

Loss per share
$
(0.31
)
 
$
(0.23
)
 
$
(0.63
)
 
$
(0.40
)
Diluted non-GAAP net income (loss) per share
$
(0.11
)
 
$
(0.03
)
 
$
0.28

 
$
0.48

Adjusted EBITDA
$
(2.0
)
 
$
0.3

 
$
14.0

 
$
20.0


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

Conference Call Information
Vocera Communications will host a conference call at 5 p.m. ET (2 p.m. PT) today, February 8, 2018, to discuss the Company’s results.

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

The call also can be accessed by dialing 833-238-7944, or 647-689-4192 for international callers, and using the access code 1275387.

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

HIMSS Annual Conference
Vocera will be at the 2018 HIMSS Annual Conference and Exhibition, March 6-8 in Las Vegas. During HIMSS18, attendees can visit the Vocera Booth (#2824) for more information and product demonstrations, or email [email protected] for a booth meeting.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements within the meaning of the U.S. federal securities laws, including statements regarding future events, such as our ability to continue to execute on our business plans and strategies and our expected operating results for the first quarter and full year 2018. These forward-looking statements are based on limited information currently available to us and our management`s expectations, which are inherently subject to change and involve a number of risks and uncertainties.
Actual events or results may differ materially from those in any forward-looking statement due to various factors, including but not limited to, our ability to achieve anticipated strategic or financial benefits from our acquisitions; changes in regulations in the U.S. and other countries; the effects on government and commercial hospital customers of the federal budget and budgetary uncertainty; changes in healthcare insurance coverage and consumers’ utilization of healthcare and hospital services; our ability to achieve and maintain profitability; the demand for our various solutions in the healthcare and other markets; our lengthy and unpredictable sales cycle; our ability to offer high-quality services and support for our solutions; our ability to acquire the sole and limited source hardware and software components of our





solutions; our ability to obtain the required capacity and product quality from our contract manufacturer; our ability to develop and introduce new solutions and features to existing solutions and to manage our growth; the impact of tax law reform on us or our customers; and the other factors described in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as our other filings with the Securities and Exchange Commission (SEC). Our filings with the SEC are available on the Investors section of the Company’s web site at www.vocera.com. The financial and other information contained in this press release should be read in conjunction with the financial statements and notes thereto included in our filings with the SEC. Our operating results for any historical period, including the fourth quarter of 2017, are not necessarily indicative of our operating results for any future periods. This press release speaks only as of its date. We assume no obligation to update the information in this press release, to revise any forward-looking statements, or to update the reasons actual events or results could differ materially from those anticipated in forward-looking statements.

Use of Non-GAAP Financial Information
This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). Our management evaluates the Company’s results and makes operating decisions using various GAAP and non-GAAP measures. In addition to our GAAP results, we also consider non-GAAP gross margin, non-GAAP gross margin for products and for services, non-GAAP net income/(loss), non-GAAP income/(loss) per diluted share and non-GAAP operating expenses. We also present Adjusted EBITDA, a non-GAAP measure that we reconcile to net income/(loss). These non-GAAP measures should not be considered as a substitute for the corresponding financial measure derived in accordance with GAAP. We present the non-GAAP measures because we consider them to be important supplemental information for our investors for analyzing our performance, core operating results and trends. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures included with this press release.
Our non-GAAP gross margins, non-GAAP net income/(loss), non-GAAP earnings/(loss) per diluted share, non-GAAP operating expenses, and Adjusted EBITDA are exclusive of certain items to facilitate management’s review of the comparability of our core operating results on a period to period basis because such items are not related to our ongoing core operating results as viewed by management. We define our “core operating results” as those revenues recorded in a particular period and the expenses incurred within that period that directly drive operating income in that period. Management uses these non-GAAP financial measures in making operating decisions because, in addition to meaningful supplemental information regarding operating performance, the measures give us a better understanding of how we should invest in research and development, fund infrastructure growth and evaluate the effectiveness of marketing strategies. In calculating the above non-GAAP results, management specifically adjusted for the following excluded items:
a) Stock-based compensation expense impact. We recognize equity plan-related compensation expenses, which represent the fair value of all share-based payments to employees, including grants of employee stock options and restricted stock units as non-GAAP adjustments in each period.
b) Amortization of acquired intangibles. We acquired certain companies in 2010, 2014 and 2016, and booked intangible assets related to these acquisitions. The amortization of these acquired intangible assets is excluded from non-GAAP net income because it is not related to ongoing controllable management decisions and because it is non-cash in nature.
c) Acquisition related expenses. In addition to the amortization of acquired intangibles mentioned above, we also adjust for certain acquisition-related expenses that we may incur including (i) professional service





fees and (ii) transition costs. Professional service fees include third party costs related to the acquisition, such as due diligence costs, accounting fees, legal fees, valuation services and commissions, if any. Transition costs include retention payments, transitional employee costs and earn-out payments (including amounts relating to the distribution of purchase consideration among the selling equity holders) treated as compensation expense. We consider such costs and adjustments as highly variable in amount and frequency, being significantly impacted by the timing and size of any acquisitions. By excluding acquisition-related costs and adjustments from our non-GAAP measures, management can better focus on the organic continuing operations of our baseline and acquired businesses.
d) Restructuring costs. We exclude restructuring costs from non-GAAP measures because we do not regard these limited-term or one-time costs as reflective of normal costs we incur to operate our business. These are defined in U.S. GAAP to include one-time employee termination benefits, contract termination costs, and other associated costs, with respect to exit or disposal activities.
Management adjusts for the above items because management believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is largely outside of Vocera’s control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual and we do not expect them to occur in the ordinary course of business; or they are non-operational, or non-cash expenses involving stock award grants.
We believe that the presentation of these non-GAAP financial measures is warranted for several reasons:
1) Such non-GAAP financial measures provide an additional analytical tool for understanding our financial performance by excluding the impact of items which may obscure trends in the core operating results of the business;
2) These non-GAAP financial measures facilitate comparisons to the operating results of other companies commonly compared to us, which use similar financial measures to supplement their GAAP results, thus enhancing the perspective of investors who wish to utilize such comparisons in their analysis of our performance; and
3) These non-GAAP financial measures are employed by our management in their own evaluation of performance and are utilized in financial and operational decision making processes, such as budget planning and forecasting.
Set forth below are additional reasons why share-based compensation expense is excluded from our non-GAAP financial measures:
i) While share-based compensation constitutes one of our ongoing and recurring expenses, it is not an expense that requires cash settlement by us. We therefore exclude these charges for purposes of evaluating core operating results. Thus, our non-GAAP measurements are presented exclusive of stock-based compensation expense to assist management and investors in evaluating our core operating results.
ii) We present share-based payment compensation expense in our reconciliation of non-GAAP financial measures on a pre-tax basis because the exact tax differences related to the timing and deductibility of share-based compensation are dependent upon the trading price of our common stock and the timing and exercise by employees of their stock options. As a result of these timing and market uncertainties, the tax effect related to share-based compensation expense would be inconsistent in amount and frequency and is therefore excluded from our non-GAAP results.





As stated above, we present non-GAAP financial measures because we consider them to be important supplemental measures of performance. However, non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for our GAAP results. In the future, we expect to incur expenses similar to certain of the non-GAAP adjustments described above and expect to continue reporting non-GAAP financial measures excluding such items. Some of the limitations in relying on non-GAAP financial measures are:
Our stock options, restricted stock units, and stock purchase plans are important components of incentive compensation arrangements and will be reflected as expenses in our GAAP results for the foreseeable future; and
Other companies may calculate non-GAAP financial measures differently than us, limiting their usefulness as a comparative measure.
Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between our non-GAAP and GAAP financial results is set forth in the financial tables referred to above, and linked to, this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results for the respective periods.
About Vocera:
The mission of Vocera Communications, Inc. is to simplify and improve the lives of healthcare professionals and patients, while enabling hospitals to enhance quality of care and operational efficiency. In 2000, when the company was founded, we began to forever change the way care teams communicate. Today, Vocera continues to offer the leading platform for clinical communication and workflow. More than 1,400 hospitals and health systems around the world have selected our solutions for care teams to text securely using smartphones or make calls with our hands-free, wearable Vocera Badge. Interoperability between Vocera and more than 120 clinical systems helps reduce alarm fatigue, speed up staff response times, and improve patient care, safety and experience. In addition to healthcare, Vocera is at home in luxury hotels, aged care facilities, nuclear facilities, libraries, retail stores, and more. Vocera makes a difference in any industry where workers are on the move and need to connect instantly with team members and access resources or information quickly. In 2017, Vocera made the list of Forbes 100 Most Trustworthy Companies in America.
Learn more at www.vocera.com, and follow @VoceraComm on Twitter.
The Vocera logo is a trademark of Vocera Communications, Inc. Vocera® is a trademark of Vocera Communications, Inc. registered in the United States and other jurisdictions. All other trademarks appearing in this release are the property of their respective owners.

Contacts:

Investors:             
Sue Dooley            
Vocera Communications, Inc.            
408.882.5971        
[email protected]

Media:
Philip Anast
Amendola Communications
312.576.6990
[email protected]





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

Three months ended December 31,
 
Year ended December 31,
 
2017
 
2016
 
2017
 
2016
Revenue
 
 
 
 
 
 
 
Product
$
24,925

 
$
19,860

 
$
88,865

 
$
70,667

Service
20,578

 
16,152

 
73,683

 
57,029

Total revenue
45,503

 
36,012

 
162,548

 
127,696

Cost of revenue
 
 
 
 
 
 
 
Product
6,820

 
6,353

 
27,244

 
22,788

Service
9,325

 
8,250

 
37,683

 
26,287

Total cost of revenue
16,145

 
14,603

 
64,927

 
49,075

Gross profit
29,358

 
21,409

 
97,621

 
78,621

Operating expenses
 
 
 
 
 
 
 
Research and development
6,741

 
5,580

 
27,685

 
18,266

Sales and marketing
14,197

 
14,733

 
59,986

 
52,811

General and administrative
6,203

 
10,400

 
23,970

 
24,499

Total operating expenses
27,141

 
30,713

 
111,641

 
95,576

Income (loss) from operations
2,217

 
(9,304
)
 
(14,020
)
 
(16,955
)
Interest income
194

 
111

 
604

 
684

Other income (expense), net
(43
)
 
(241
)
 
(42
)
 
(467
)
Income (loss) before income taxes
2,368

 
(9,434
)
 
(13,458
)
 
(16,738
)
Provision for income taxes
291

 
(346
)
 
(759
)
 
(529
)
Net income (loss)
$
2,659

 
$
(9,780
)
 
$
(14,217
)
 
$
(17,267
)
 
 
 
 
 
 
 
 
Net income (loss) per share
 
 
 
 
 
 
 
     Basic
$
0.09

 
$
(0.36
)
 
$
(0.50
)
 
$
(0.64
)
     Diluted
$
0.09

 
$
(0.36
)
 
$
(0.50
)
 
$
(0.64
)
Weighted average shares used to compute net income (loss) per share
 
 
 
 
 
 
 
     Basic
29,317

 
27,409

 
28,655

 
26,859

     Diluted
30,704

 
27,409

 
28,655

 
26,859







Vocera Communications, Inc.
Condensed Consolidated Balance Sheets
(In Thousands)
(Unaudited)
 
December 31,
2017
 
December 31,
2016
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
28,726

 
$
35,033

Short-term investments
52,507

 
39,033

Accounts receivable, net of allowance
35,105

 
24,142

Other receivables
1,170

 
1,211

Inventories
2,815

 
4,556

Prepaid expenses and other current assets
3,957

 
3,364

Total current assets
124,280

 
107,339

Property and equipment, net
5,751

 
5,894

Intangible assets, net
13,567

 
18,200

Goodwill
49,246

 
49,246

Other long-term assets
1,667

 
1,394

Total assets
$
194,511

 
$
182,073

Liabilities and stockholders' equity
 
 
 
Current liabilities
 
 
 
Accounts payable
$
2,678

 
$
3,231

Accrued payroll and other current liabilities
14,689

 
15,896

Deferred revenue, current
47,276

 
43,845

Total current liabilities
64,643

 
62,972

Deferred revenue, long-term
16,438

 
11,155

Other long-term liabilities
4,455

 
4,505

Total liabilities
85,536

 
78,632

Stockholders' equity
108,975

 
103,441

Total liabilities and stockholders’ equity
$
194,511

 
$
182,073








Vocera Communications, Inc.
Three months ended December 31, 2017
 
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2017
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2017
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
 
 
 
 
 
 
 
 
 
 
 
Product
$
24,925

 
$

 
$

 
$

 
$

 
$
24,925

Service
20,578

 

 

 

 

 
20,578

Total revenue
45,503

 

 

 

 

 
45,503

Cost of revenue
 
 
 
 
 
 
 
 
 
 
 
Product
6,820

 
104

 
651

 

 
755

 
6,065

Service
9,325

 
650

 

 
60

 
710

 
8,615

Total cost of revenue
16,145

 
754

 
651

 
60

 
1,465

 
14,680

Gross profit
$
29,358

 
$
754

 
$
651

 
$
60

 
$
1,465

 
$
30,823

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2017
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2017
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
$
6,741

 
$
580

 
$

 
$

 
$
580

 
$
6,161

Sales and marketing
14,197

 
1,866

 
385

 

 
2,251

 
11,946

General and administrative
6,203

 
1,792

 
55

 
200

 
2,047

 
4,156

Total operating expenses
$
27,141

 
$
4,238

 
$
440

 
$
200

 
$
4,878

 
$
22,263


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






Three months ended December 31, 2016
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2016
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2016
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
 
 
 
 
 
 
 
 
 
 
 
Product
$
19,860

 
$

 
$

 
$

 
$

 
$
19,860

Service
16,152

 

 

 

 

 
16,152

Total revenue
36,012

 

 

 

 

 
36,012

Cost of revenue
 
 
 
 
 
 
 
 
 
 
 
Product
6,353

 
68

 
493

 

 
561

 
5,792

Service
8,250

 
429

 

 
274

 
703

 
7,547

Total cost of revenue
14,603

 
497

 
493

 
274

 
1,264

 
13,339

Gross profit
$
21,409

 
$
497

 
$
493

 
$
274

 
$
1,264

 
$
22,673

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2016
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2016
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
$
5,580

 
$
341

 
$

 
$
23

 
$
364

 
$
5,216

Sales and marketing
14,733

 
1,235

 
277

 
399

 
1,911

 
12,822

General and administrative
10,400

 
1,371

 
55

 
4,864

 
6,290

 
4,110

Total operating expenses
$
30,713

 
$
2,947

 
$
332

 
$
5,286

 
$
8,565

 
$
22,148

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






Vocera Communications, Inc.
Year ended December 31, 2017
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2017
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2017
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
 
 
 
 
 
 
 
 
 
 
 
Product
$
88,865

 
$

 
$

 
$

 
$

 
$
88,865

Service
73,683

 

 

 

 

 
73,683

Total revenue
162,548

 

 

 

 

 
162,548

Cost of revenue
 
 
 
 
 
 
 
 
 
 
 
Product
27,244

 
413

 
2,873

 

 
3,286

 
23,958

Service
37,683

 
2,458

 

 
289

 
2,747

 
34,936

Total cost of revenue
64,927

 
2,871

 
2,873

 
289

 
6,033

 
58,894

Gross profit
$
97,621

 
$
2,871

 
$
2,873

 
$
289

 
$
6,033

 
$
103,654

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2017
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2017
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
$
27,685

 
$
2,122

 
$

 
$
47

 
$
2,169

 
$
25,516

Sales and marketing
59,986

 
6,563

 
1,539

 
15

 
8,117

 
51,869

General and administrative
23,970

 
6,640

 
221

 
918

 
7,779

 
16,191

Total operating expenses
$
111,641

 
$
15,325

 
$
1,760

 
$
980

 
$
18,065

 
$
93,576

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






Year ended December 31, 2016
 
 
 
Stock
 
Intangible
 
Acquisition
 
 
 
 
(In thousands)
GAAP
 
compensation
 
amortization
 
related
 
Total
 
Non-GAAP
 
2016
 
expense (a)
 
(b)
 
expense (c)
 
adjustments
 
2016
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue
 
 
 
 
 
 
 
 
 
 
 
Product
$
70,667

 
$

 
$

 
$

 
$

 
$
70,667

Service
57,029

 

 

 

 

 
57,029

Total revenue
127,696

 

 

 

 

 
127,696

Cost of revenue
 
 
 
 
 
 
 
 
 
 
 
Product
22,788

 
235

 
672

 

 
907

 
21,881

Service
26,287

 
1,153

 

 
274

 
1,427

 
24,860

Total cost of revenue
49,075

 
1,388

 
672

 
274

 
2,334

 
46,741

Gross profit
$
78,621

 
$
1,388

 
$
672

 
$
274

 
$
2,334

 
$
80,955

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Research and development
$
18,266

 
$
1,158

 
$

 
$
23

 
$
1,181

 
$
17,085

Sales and marketing
52,811

 
4,625

 
415

 
399

 
5,439

 
47,372

General and administrative
24,499

 
4,864

 
288

 
5,126

 
10,278

 
14,221

Total operating expenses
$
95,576

 
$
10,647

 
$
703

 
$
5,548

 
$
16,898

 
$
78,678


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






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 December 31,
 
Year ended December 31,
 
2017
 
2016
 
2017
 
2016
GAAP net income (loss)
$
2,659

 
$
(9,780
)
 
$
(14,217
)
 
$
(17,267
)
Add back:
 
 
 
 
 
 
 
Stock compensation expense
4,992

 
3,444

 
18,196

 
12,035

Acquisition related expenses
260

 
5,560

 
1,269

 
5,822

Interest income
(178
)
 
(97
)
 
(549
)
 
(627
)
Depreciation and amortization expense
1,888

 
1,499

 
7,643

 
3,770

Provision for income taxes
(291
)
 
346

 
759

 
529

Non-GAAP adjusted EBITDA
$
9,330

 
$
972

 
$
13,101

 
$
4,262

 
 
 
 
 
 
 
 
GAAP net income (loss)
$
2,659

 
$
(9,780
)
 
$
(14,217
)
 
$
(17,267
)
Add back:
 
 
 
 
 
 
 
Stock compensation expense
4,992

 
3,444

 
18,196

 
12,035

Intangible amortization
1,091

 
825

 
4,633

 
1,375

Acquisition related expenses
260

 
5,560

 
1,269

 
5,822

Non-GAAP net income
$
9,002

 
$
49

 
$
9,881

 
$
1,965

Net income per share
 
 
 
 
 
 
 
     Basic
$
0.31

 
$
0.00

 
$
0.34

 
$
0.07

     Diluted
$
0.29

 
$
0.00

 
$
0.33

 
$
0.07

Weighted average shares used to compute net income per share
 
 
 
 
 
 
 
     Basic
29,317

 
27,409

 
28,655

 
26,859

     Diluted
30,704

 
28,717

 
30,268

 
28,126







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
 
 
 
Three months ended March 31, 2018
 
Year ended December 31, 2018
 
Low
 
High
 
Low
 
High
Revenue
$
37.0

 
$
40.0

 
$
175.0

 
$
183.0

GAAP net loss
(9.1
)
 
(6.9
)
 
(18.9
)
 
(11.9
)
Stock compensation expense
4.5

 
4.5

 
22.0

 
21.0

Intangible amortization expense
1.2

 
1.2

 
4.7

 
4.7

Acquisition and restructuring expense
0.3

 
0.3

 
1.0

 
1.0

Total adjustments
6.0

 
6.0

 
27.7

 
26.7

Non-GAAP net income (loss)
$
(3.2
)
 
$
(0.9
)
 
$
8.8

 
$
14.8

Weighted average shares (in thousands)
 
 
 
 
 
 
 
Basic
29,440

 
29,440

 
29,850

 
29,850

Diluted - GAAP
29,440

 
29,440

 
29,850

 
29,850

    Diluted - Non-GAAP
29,440

 
29,440

 
31,150

 
31,150

 
 
 
 
 
 
 
 
GAAP net loss per share, basic and diluted
$
(0.31
)
 
$
(0.23
)
 
$
(0.63
)
 
$
(0.40
)
 
 
 
 
 
 
 
 
Non-GAAP net income (loss) per share :
 
 
 
 
 
 
 
Basic
$
(0.11
)
 
$
(0.03
)

$
0.30


$
0.50

Diluted
$
(0.11
)
 
$
(0.03
)

$
0.28


$
0.48




Reconciliation of Non-GAAP net income (loss) to adjusted EBITDA
 
 
 
 
 
Three months ended March 31, 2018
 
Year ended December 31, 2018
 
Low
 
High
 
Low
 
High
Non-GAAP net income (loss)
$
(3.2
)
 
$
(0.9
)
 
$
8.8

 
$
14.8

Interest income, net
(0.1
)
 
(0.1
)
 
(0.3
)
 
(0.3
)
Depreciation expense
0.8

 
0.8

 
3.5

 
3.5

Provision for income taxes
0.5

 
0.5

 
2.0

 
2.0

Total adjustments
1.2

 
1.2

 
5.2

 
5.2

Adjusted EBITDA
$
(2.0
)
 
$
0.3

 
$
14.0

 
$
20.0


* Amounts may not recompute due to rounding.
































Vocera Communications, Inc.
Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets Adjusted for the Adoption of The New Revenue Standard (ASC 606) on a Fully Retrospective Basis






Vocera Communications, Inc.
Condensed Consolidated Statements of Operations Adjusted for the Adoption of the New Revenue Standard
(In Thousands, Except Per Share Amounts)
(Unaudited)
 
As Adjusted
 
As Reported
 
Change
Year Ended December 31,
2017
2016
 
2017
2016
 
2017
2016
Revenue
 
 
 
 
 
 
 
 
Product revenue
 
 
 
 
 
 
 
 
Devices
$
61,508

$
50,546

 
$
60,869

$
50,061

 
$
639

$
485

Software
29,660

23,627

 
27,996

20,606

 
1,664

3,021

Total product
91,168

74,173

 
88,865

70,667

 
2,303

3,506

Service revenue
 
 
 
 
 
 
 
 
Maintenance and support
52,370

43,410

 
52,542

43,438

 
(172
)
(28
)
Professional services and training
21,723

14,388

 
21,141

13,591

 
582

797

Total service
74,093

57,798

 
73,683

57,029

 
410

769

Total revenue
165,261

131,971

 
162,548

127,696

 
2,713

4,275

Cost of revenue
 
 
 
 
 
 
 
 
Product
27,244

22,788

 
27,244

22,788

 


Service
37,683

26,287

 
37,683

26,287

 


Total cost of revenue
64,927

49,075

 
64,927

49,075

 


Gross profit
100,334

82,896

 
97,621

78,621

 
2,713

4,275

Operating expenses
 
 
 
 
 
 
 
 
Research and development
27,685

18,266

 
27,685

18,266

 


Sales and marketing
60,107

51,274

 
59,986

52,811

 
121

(1,537
)
General and administrative
23,970

24,499

 
23,970

24,499

 


Total operating expenses
111,762

94,039

 
111,641

95,576

 
121

(1,537
)
Income (loss) from operations
(11,428
)
(11,143
)
 
(14,020
)
(16,955
)
 
2,592

5,812

Interest income
604

684

 
604

684

 


Other income (expense), net
(42
)
(467
)
 
(42
)
(467
)
 


Income (loss) before income taxes
(10,866
)
(10,926
)
 
(13,458
)
(16,738
)
 
2,592

5,812

Provision for income taxes
(759
)
(529
)
 
(759
)
(529
)
 


Net income (loss)
$
(11,625
)
$
(11,455
)
 
$
(14,217
)
$
(17,267
)
 
$
2,592

$
5,812

 
 
 
 
 
 
 
 
 
Net income (loss) per share
 
 
 
 
 
 
 
 
     Basic and diluted
$
(0.41
)
$
(0.43
)
 
$
(0.50
)
$
(0.64
)
 
$
0.09

$
0.21

Weighted average shares used to compute net income (loss) per share
 
 
 
 
 
 
 
 
     Basic and diluted
28,655

26,859

 
28,655

26,859

 
28,655

26,859








Vocera Communications, Inc.
Condensed Consolidated Statements of Operations Adjusted for the Adoption of the New Revenue Standard
 
Q1 2017
 
Q2 2017
 
Q3 2017
 
Q4 2017
(In Thousands, Except Per Share Amounts, Unaudited)
As Adjusted
As Reported
Change
 
As Adjusted
As Reported
Change
 
As Adjusted
As Reported
Change
 
As Adjusted
As Reported
Change
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Devices
$
14,013

$
14,121

$
(108
)
 
$
14,992

$
14,837

$
155

 
$
16,421

$
16,084

$
337

 
$
16,082

$
15,827

$
255

Software
5,997

5,912

85

 
5,948

5,821

127

 
9,489

7,165

2,324

 
8,226

9,098

(872
)
Total product
20,010

20,033

(23
)
 
20,940

20,658

282

 
25,910

23,249

2,661

 
24,308

24,925

(617
)
Service revenue



 



 



 



Maintenance and support
12,006

11,852

154

 
12,679

12,583

96

 
13,834

13,746

88

 
13,851

14,361

(510
)
Professional services and training
4,523

4,410

113

 
5,883

5,209

674

 
5,554

5,305

249

 
5,763

6,217

(454
)
Total service
16,529

16,262

267

 
18,562

17,792

770

 
19,388

19,051

337

 
19,614

20,578

(964
)
Total revenue
36,539

36,295

244

 
39,502

38,450

1,052

 
45,298

42,300

2,998

 
43,922

45,503

(1,581
)
Cost of revenue



 



 



 



Product
6,409

6,409


 
6,807

6,807


 
7,208

7,208


 
6,820

6,820


Service
9,155

9,155


 
9,962

9,962


 
9,241

9,241


 
9,325

9,325


Total cost of revenue
15,564

15,564


 
16,769

16,769


 
16,449

16,449


 
16,145

16,145


Gross profit
20,975

20,731

244

 
22,733

21,681

1,052

 
28,849

25,851

2,998

 
27,777

29,358

(1,581
)
Operating expenses



 



 



 



Research and development
6,929

6,929


 
7,371

7,371


 
6,644

6,644


 
6,741

6,741


Sales and marketing
14,922

14,581

341

 
15,246

15,377

(131
)
 
14,840

15,831

(991
)
 
15,099

14,197

902

General and administrative
5,695

5,695


 
5,984

5,984


 
6,088

6,088


 
6,203

6,203


Total operating expenses
27,546

27,205

341

 
28,601

28,732

(131
)
 
27,572

28,563

(991
)
 
28,043

27,141

902

Income (loss) from operations
(6,571
)
(6,474
)
(97
)
 
(5,868
)
(7,051
)
1,183

 
1,277

(2,712
)
3,989

 
(266
)
2,217

(2,483
)
Interest income
105

105


 
128

128


 
177

177


 
194

194


Other income (expense), net
109

109


 
(67
)
(67
)

 
(41
)
(41
)

 
(43
)
(43
)

Income (loss) before income taxes
(6,357
)
(6,260
)
(97
)
 
(5,807
)
(6,990
)
1,183

 
1,413

(2,576
)
3,989

 
(115
)
2,368

(2,483
)
Provision for income taxes
(380
)
(380
)

 
(361
)
(361
)

 
(309
)
(309
)

 
291

291


Net income (loss)
$
(6,737
)
$
(6,640
)
$
(97
)
 
$
(6,168
)
$
(7,351
)
$
1,183

 
$
1,104

$
(2,885
)
$
3,989

 
$
176

$
2,659

$
(2,483
)
 



 



 



 



Net income (loss) per share



 



 



 



     Basic
$
(0.24
)
$
(0.24
)
$

 
$
(0.22
)
$
(0.26
)
$
0.04

 
$
0.04

$
(0.10
)
$
0.14

 
$
0.01

$
0.09

$
(0.08
)
     Diluted
$
(0.24
)
$
(0.24
)
$

 
$
(0.22
)
$
(0.26
)
$
0.04

 
$
0.04

$
(0.10
)
$
0.13

 
$
0.01

$
0.09

$
(0.08
)
Weighted average shares used to compute net income (loss) per share



 



 



 



     Basic
27,751

27,751

27,751

 
28,422

28,422

28,422

 
29,130

29,130

29,130

 
29,317

29,317

29,317

     Diluted
27,751

27,751

27,751

 
28,422

28,422

28,422

 
30,473

29,130

30,473

 
30,704

30,704

30,704






Vocera Communications, Inc.
Condensed Consolidated Balance Sheets Adjusted for the Adoption of the New Revenue Standard
(In Thousands, Unaudited)
 
As Adjusted
 
As Reported
 
Change
As of December 31,
2017
2016
 
2017
2016
 
2017
2016
Assets
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
28,726

$
35,033

 
$
28,726

$
35,033

 
$

$

Short-term investments
52,507

39,033

 
52,507

39,033

 


Accounts receivable, net
35,105

24,142

 
35,105

24,142

 


Other receivables
1,331

1,211

 
1,170

1,211

 
161


Inventories
2,815

4,556

 
2,815

4,556

 


Prepaid expenses and other current assets
3,957

3,364

 
3,957

3,364

 


Total current assets
124,441

107,339

 
124,280

107,339

 
161


Property and equipment, net
5,751

5,894

 
5,751

5,894

 


Intangible assets, net
13,567

18,200

 
13,567

18,200

 


Goodwill
49,246

49,246

 
49,246

49,246

 


Other long-term assets
11,968

11,816

 
1,667

1,394

 
10,301

10,422

Total assets
$
204,973

$
192,495

 
$
194,511

$
182,073

 
$
10,462

$
10,422

Liabilities and stockholders' equity
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
Accounts payable
$
2,678

$
3,231

 
$
2,678

$
3,231

 
$

$

Accrued payroll and other current liabilities
14,689

15,896

 
14,689

15,896

 


Deferred revenue, current
41,516

38,247

 
47,276

43,845

 
(5,760
)
(5,598
)
Total current liabilities
58,883

57,374

 
64,643

62,972

 
(5,760
)
(5,598
)
Deferred revenue, long-term
14,417

11,523

 
16,438

11,155

 
(2,021
)
368

Other long-term liabilities
4,455

4,505

 
4,455

4,505

 


Total liabilities
77,755

73,402

 
85,536

78,632

 
(7,781
)
(5,230
)
Total stockholders’ equity
127,218

119,093

 
108,975

103,441

 
18,243

15,652

Total liabilities and stockholders’ equity
$
204,973

$
192,495

 
$
194,511

$
182,073

 
$
10,462

$
10,422






Vocera Communications, Inc.
Non-GAAP Net Income (Loss) and Net Income (Loss) Per Share and Adjusted EBITDA Adjusted for the Adoption of the New Revenue Standard
(In Thousands, Except Per Share Amounts)
(Unaudited)
 
Year Ended December 31, 2017
 
Year Ended December 31, 2016
 
As Adjusted
As Reported
Change
 
As Adjusted
As Reported
Change
GAAP net income (loss)
$
(11,625
)
$
(14,217
)
$
2,592

 
$
(11,455
)
$
(17,267
)
$
5,812

Add back:



 



Stock compensation expense
18,196

18,196


 
12,035

12,035


Acquisition related expenses
1,269

1,269


 
5,822

5,822


Interest income
(549
)
(549
)

 
(627
)
(627
)

Depreciation and amortization expense
7,643

7,643


 
3,770

3,770


Provision for income taxes
759

759


 
529

529


Non-GAAP adjusted EBITDA
$
15,693

$
13,101

$
2,592

 
$
10,074

$
4,262

$
5,812

 



 



GAAP net income (loss)
$
(11,625
)
$
(14,217
)
$
2,592

 
$
(11,455
)
$
(17,267
)
$
5,812

Add back:



 



Stock compensation expense
18,196

18,196


 
12,035

12,035


Intangible amortization
4,633

4,633


 
1,375

1,375


Acquisition related expenses
1,269

1,269


 
5,822

5,822


Non-GAAP net income
$
12,473

$
9,881

$
2,592

 
$
7,777

$
1,965

$
5,812

Net income per share



 



     Basic
$
0.44

$
0.34

$
0.09

 
$
0.29

$
0.07

$
0.22

     Diluted
$
0.41

$
0.33

$
0.09

 
$
0.28

$
0.07

$
0.21

Weighted average shares used to compute net income per share



 



     Basic
28,655

28,655

28,655

 
26,859

26,859

26,859

     Diluted
30,268

30,268

30,268

 
28,126

28,126

28,126






Vocera Communications, Inc.
Non-GAAP Net Income (Loss) and Net Income (Loss) Per Share and Adjusted EBITDA Adjusted for the Adoption of the New Revenue Standard
(In Thousands, Except Per Share Amounts)
(Unaudited)
 
Q1 2017
 
Q2 2017
 
Q3 2017
 
Q4 2017
 
As Adjusted
As Reported
Change
 
As Adjusted
As Reported
Change
 
As Adjusted
As Reported
Change
 
As Adjusted
As Reported
Change
GAAP net income (loss)
$
(6,737
)
$
(6,640
)
$
(97
)
 
$
(6,168
)
$
(7,351
)
$
1,183

 
$
1,104

$
(2,885
)
$
3,989

 
$
176

$
2,659

$
(2,483
)
Add back:
 
 

 
 
 

 
 
 

 
 
 

Stock compensation expense
3,583

3,583


 
4,903

4,903


 
4,718

4,718


 
4,992

4,992


Acquisition related expenses
410

410


 
312

312


 
287

287


 
260

260


Interest income
(92
)
(92
)

 
(117
)
(117
)

 
(162
)
(162
)

 
(178
)
(178
)

Depreciation and amortization expense
1,804

1,804


 
1,987

1,987


 
1,964

1,964


 
1,888

1,888


Provision for income taxes
380

380


 
361

361


 
309

309


 
(291
)
(291
)

Non-GAAP adjusted EBITDA
$
(652
)
$
(555
)
$
(97
)
 
$
1,278

$
95

$
1,183

 
$
8,220

$
4,231

$
3,989

 
$
6,847

$
9,330

$
(2,483
)
 
 
 

 
 
 

 
 
 

 
 
 

GAAP net income (loss)
$
(6,737
)
$
(6,640
)
$
(97
)
 
$
(6,168
)
$
(7,351
)
$
1,183

 
$
1,104

$
(2,885
)
$
3,989

 
$
176

$
2,659

$
(2,483
)
Add back:
 
 

 
 
 

 
 
 

 
 
 

Stock compensation expense
3,583

3,583


 
4,903

4,903


 
4,718

4,718


 
4,992

4,992


Intangible amortization
1,132

1,132


 
1,241

1,241


 
1,169

1,169


 
1,091

1,091


Acquisition related expenses
410

410


 
312

312


 
287

287


 
260

260


Non-GAAP net income
$
(1,612
)
$
(1,515
)
$
(97
)
 
$
288

$
(895
)
$
1,183

 
$
7,278

$
3,289

$
3,989

 
$
6,519

$
9,002

$
(2,483
)
Net income per share
 
 

 
 
 

 
 
 

 
 
 

     Basic
$
(0.06
)
$
(0.05
)
$

 
$
0.01

$
(0.03
)
$
0.04

 
$
0.25

$
0.11

$
0.14

 
$
0.22

$
0.31

$
(0.08
)
     Diluted
$
(0.06
)
$
(0.05
)
$

 
$
0.01

$
(0.03
)
$
0.04

 
$
0.24

$
0.11

$
0.13

 
$
0.21

$
0.29

$
(0.08
)
Weighted average shares used to compute net income per share
 
 

 
 
 

 
 
 

 
 
 

     Basic
27,751

27,751

27,751

 
28,422

28,422

28,422

 
29,130

29,130

29,130

 
29,317

29,317

29,317

     Diluted
27,751

27,751

27,751

 
29,806

28,422

29,806

 
30,473

30,473

30,473

 
30,704

30,704

30,704





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