Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, CCA

Vonage 2017 Results Powered by 33% GAAP Business Revenue Growth; Company Continues to Execute on Its Strategic Growth Initiatives


HOLMDEL, N.J., Feb. 21, 2018 /PRNewswire/ -- Vonage Holdings Corp. (NYSE: VG), a business cloud communications leader, today announced results for the quarter and full year ended December 31, 2017.

Consolidated Results

"We had an excellent fourth quarter concluding a transformational year, highlighted by consolidated revenues crossing the billion dollar mark, Vonage Business becoming our majority revenue segment, and record OIBDA of $180 million," said Vonage CEO Alan Masarek.

"In addition to our strong financial performance, we continued to innovate aggressively to transform Vonage into a differentiated business cloud communications company. Vonage's unique offering provides better business outcomes for our customers by enabling them to operate more efficiently and engage their customers in new, more meaningful ways. Our end-to-end solution is particularly critical as cloud adoption moves up market, and larger companies undergo their own digital transformations."

For the full year 2017, Vonage reported revenues of $1.0 billion, up from $956 million in the prior year. Income from operations was $59 million, up from $44 million in the prior year. Adjusted Operating Income Before Depreciation and Amortization ("Adjusted OIBDA")1 was $180 million, a 13% increase over the prior year. GAAP net income was a loss of $34 million or $(0.15) per share for the full year 2017, compared with $13 million or $0.06 per share in 2016. GAAP net income was impacted by a $69 million non-cash charge reflecting the impact of the Tax Cuts and Jobs Act, which is primarily associated with the re-measurement of the Company's deferred tax balances at the 21% income tax rate. Adjusted net income2 was $67 million or $0.30 per share, up from $40 million, or $0.18 per share in the prior year.

For the fourth quarter of 2017, Vonage reported consolidated revenues of $254 million, up from $247 million in the year ago quarter. Income from operations was $23 million, up from $5 million in the prior year quarter. Adjusted OIBDA for the fourth quarter was $51 million, up from $37 million in the year ago quarter. GAAP net income was a loss of $55 million, or $(0.24) per share, down from a loss of $2 million in the prior year period, or ($0.01) per share. GAAP net income was impacted by a $69 million non-cash charge reflecting the impact of the Tax Cuts and Jobs Act as described above. Fourth quarter Adjusted net income was $21 million or $0.09 per share, up from $5 million or $0.02 per share.

Business Segment Results

Other Recent Vonage Business Highlights

Consumer Segment Results

Balance Sheet

The Company generated Adjusted OIBDA of $51 million, and Adjusted OIBDA minus Capex5 of $43 million in the fourth quarter. For the full year, the Company generated Adjusted OIBDA of $180 million and Adjusted OIBDA minus Capex of $147 million. The Company reduced debt by $90 million in 2017, resulting in a net debt to Last Twelve Months Adjusted OIBDA ratio of 1.1x. Vonage also repurchased 1.6 million shares of stock for $10 million at an average price of $5.95 under its current four-year $100 million program.

2018 Outlook

The Company's guidance reflects the adoption of the new Revenue from Contracts with Customers (Topic 606) revenue recognition standard that is effective beginning January 1, 2018. For 2018, Vonage expects the following:

Conference Call and Webcast

Management will host a conference call to discuss fourth quarter and full year 2017 financial results and other matters at 8:30 AM Eastern Time. To participate, please dial (866) 807-9684. International callers should dial (412) 317-5415.

A live webcast of the event will be available on the Vonage Investor Relations site. A replay of the call and webcast will be available shortly after the conclusion of the call and may be accessed through Vonage's Investor Relations website or by dialing (877) 344-7529 or (412) 317-0088, passcode 10116395.

  1. This is a non-GAAP financial measure. Refer below to Table 4 for a reconciliation to GAAP income from operations.
  2. This is a non-GAAP financial measure. Refer below to Table 5 for a reconciliation to GAAP net income.
  3. We define organic UCaaS growth as the increase in UCaaS revenues after giving pro forma effect for the exclusion of one-time items. See Table 3 for reference.
  4. We define organic Vonage API Platform growth as the increase in Vonage API Platform revenues after giving pro forma effect for the change in accounting treatment with respect to certain Vonage API Platform revenues being recognized on a gross rather than net basis. See Table 3 for reference.
  5. This is a non-GAAP financial measure. Refer below to Table 4 for a reconciliation to GAAP net income.

 

VONAGE HOLDINGS CORP.

TABLE 1. CONSOLIDATED FINANCIAL DATA

(Dollars in thousands, except per share amounts)

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016 (1)

2017

2016 (1)

(unaudited)

(audited)

Statement of Operations Data:








Revenues

$

254,020

$

253,083

$

246,763

$

1,002,286

$

955,621










Operating Expenses:








Cost of services (excluding depreciation and amortization
of $6,811, $6,852, $7,211, $27,308, and $28,489,
respectively)

97,058

96,632

88,768

378,960

321,373

Cost of goods sold

6,208

6,306

7,768

25,994

33,777

Sales and marketing

78,006

73,576

84,293

313,251

330,969

Engineering and development

7,634

6,956

7,607

29,630

29,759

General and administrative

24,126

26,811

34,043

122,537

123,304

Depreciation and amortization

18,003

18,179

19,070

72,523

72,285

231,035

228,460

241,549

942,895

911,467

Income from operations

22,985

24,623

5,214

59,391

44,154

Other Income (expense):








Interest income

5

3

14

17

79

Interest expense

(3,483)

(3,821)

(3,565)

(14,868)

(13,042)

Other income (expense), net

322

465

(109)

1,253

(346)

(3,156)

(3,353)

(3,660)

(13,598)

(13,309)

Income before income tax expense

19,829

21,270

1,554

45,793

30,845

Income tax expense

(75,102)

(10,668)

(3,592)

(79,726)

(17,694)

Net (loss) income

$

(55,273)

$

10,602

$

(2,038)

$

(33,933)

$

13,151

Net (loss) income per common share:








Basic

$

(0.24)

$

0.05

$

(0.01)

$

(0.15)

$

0.06

Diluted

$

(0.24)

$

0.04

$

(0.01)

$

(0.15)

$

0.06

Weighted-average common shares outstanding:








Basic

$

229,339

$

227,943

$

218,375

$

225,311

$

215,751

Diluted

229,339

242,720

218,375

225,311

231,941

(1) Revised due to the correction of prior period financial statements.

 

VONAGE HOLDINGS CORP.

TABLE 1. CONSOLIDATED FINANCIAL DATA - (Continued)

(Dollars in thousands, except per share amounts)

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016 (1)

2017

2016 (1)

(unaudited)

(audited)

Statement of Cash Flow Data:








Net cash provided by operating activities

$

47,458

$

47,907

$

23,842

$

128,058

$

93,456

Net cash used in investing activities

(7,111)

(9,349)

(2,812)

(30,737)

(191,449)

Net cash (used in) provided by financing activities

(39,485)

(35,379)

(25,210)

(96,242)

68,054

Capital expenditures, intangible assets, and development of software
assets

(8,061)

(9,349)

(8,767)

(33,289)

(37,734)

(1) Revised due to the adoption of new Accounting Standard Updates and the correction of prior period financial statements.

 

For the years ended December
31,

2017

2016 (1)

(audited)

(audited)

Balance Sheet Data (at period end):



Cash and cash equivalents

$

31,360

$

29,078

Marketable securities

?

601

Restricted cash

1,967

1,851

Accounts receivable, net of allowance

44,159

36,688

Inventory, net of allowance

2,971

4,116

Prepaid expenses and other current assets

30,196

29,188

Deferred customer acquisition costs, current and non-current

1,418

3,136

Property and equipment, net

46,754

48,415

Goodwill

373,764

360,363

Software, net

22,252

21,971

Intangible assets, net

173,270

199,256

Deferred tax assets

110,892

184,210

Other assets

19,678

16,793

Total assets

$

858,681

$

935,666

Accounts payable and accrued expenses

$

115,176

$

139,946

Deferred revenue, current and non-current

30,576

32,892

Total notes payable, net of debt related costs and indebtedness under revolving credit facility, including current portion

232,515

318,874

Capital lease obligations

140

3,428

Other liabilities

7,376

3,985

Total liabilities

$

385,783

$

499,125

Total stockholders' equity

$

472,898

$

436,541

(1) Revised due to the correction of prior period financial statements.

 

VONAGE HOLDINGS CORP.

TABLE 2. SUMMARY CONSOLIDATED OPERATING DATA

(Dollars in thousands, except per line/seat amounts)

(unaudited)


     The table below includes revenues and cost of revenues that our management uses to measure the growth and operating performance of the business focused portion of our business:


 Business

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016

2017

2016

Revenues:








   Service

$

113,992

$

109,483

$

91,663

$

419,591

$

301,877

   Product (1)

12,661

13,085

12,655

52,498

52,450

      Service and Product

126,653

122,568

104,318

472,089

354,327

   USF

7,447

6,738

6,193

26,833

22,025

Total Business Revenues

$

134,100

$

129,306

$

110,511

$

498,922

$

376,352










Cost of Revenues:








   Service (2)

$

51,716

$

50,777

$

38,697

$

190,934

$

111,485

   Product (1)

12,666

12,702

12,664

51,026

51,129

      Service and Product

64,382

63,479

51,361

241,960

162,614

   USF

7,447

6,738

6,193

26,833

22,036

Cost of Revenues

$

71,829

$

70,217

$

57,554

$

268,793

$

184,650










Service margin %

54.6

%

53.6

%

57.8

%

54.5

%

63.1

%

Gross margin % ex-USF (Service and product margin %)

49.2

%

48.2

%

50.8

%

48.7

%

54.1

%

Gross margin %

46.4

%

45.7

%

47.9

%

46.1

%

50.9

%


(1) Includes customer premise equipment, access, professional services, and shipping and handling.

(2) Excludes depreciation and amortization of $5,169, $5,053, $5,013 for the quarters ended December 31, 2017, September 30, 2017 and December 30, 2016, respectively and $20,100 and $18,820 for the years ended December 31, 2017 and 2016, respectively.

 

     The table below includes revenues and cost of revenues that our management uses to measure the growth and operating performance of the consumer focused portion of our business:


Consumer

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016

2017

2016

Revenues:








   Service

$

107,674

$

111,913

$

123,114

$

454,340

$

522,515

   Product (1)

27

94

188

525

702

      Service and Product

107,701

112,007

123,302

454,865

523,217

   USF

12,219

11,770

12,950

48,499

56,052

Total Business Revenues

$

119,920

$

123,777

$

136,252

$

503,364

$

579,269










Cost of Revenues:








   Service (2)

$

17,485

$

19,434

$

22,834

$

80,454

$

100,054

   Product (1)

1,733

1,517

3,198

7,208

14,394

      Service and Product

19,218

20,951

26,032

87,662

114,448

   USF

12,219

11,770

12,950

48,499

56,052

Cost of Revenues

$

31,437

$

32,721

$

38,982

$

136,161

$

170,500










Service margin %

83.8

%

82.6

%

81.5

%

82.3

%

80.9

%

Gross margin % ex-USF (Service and product margin %)

82.2

%

81.3

%

78.9

%

80.7

%

78.1

%

Gross margin %

73.8

%

73.6

%

71.4

%

72.9

%

70.6

%


(1) Includes customer premise equipment, access, professional services, and shipping and handling.

(2) Excludes depreciation and amortization of $1,642, $1,799, $2,198 for the quarters ended December 31, 2017, September 30, 2017 and December 30, 2016, respectively and $7,208 and $9,669 for the years ended December 31, 2017 and 2016, respectively.

 

     The table below includes key operating data that our management uses to measure the growth and operating performance of the business focused portion of our business:


 Business

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016

2017

2016

Revenues (1)

$

134,100

$

129,306

$

110,511

$

498,922

$

376,352

Average monthly revenues per seat (2)

$

43.71

$

43.53

$

44.65

$

43.86

$

44.94

Seats (at period end) (2)

727,085

709,736

638,096

727,085

638,096

Revenue churn (2)

1.2

%

1.2

%

1.4

%

1.3

%

1.4

%


(1) Includes revenues of $39,885, $38,364, and $26,541, respectively, for the three months ended December 31, 2017, September 30, 2017, and December 31, 2016 and $139,665 and $58,148, respectively, for the year ended December 31, 2017 and 2016 from CPaaS, which was acquired on June 3, 2016.

(2) UCaaS only.

 

     The table below includes key operating data that our management uses to measure the growth and operating performance of the consumer focused portion of our business:


Consumer

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016

2017

2016

Revenues

$

119,920

$

123,777

$

136,252

$

503,364

$

579,269

Average monthly revenues per line

$

26.33

$

26.29

$

26.11

$

26.19

$

26.43

Subscriber lines (at period end)

1,492,067

1,543,760

1,711,366

1,492,067

1,711,366

Customer churn

1.9

%

1.9

%

2.2

%

2.0

%

2.2

%

 

VONAGE HOLDINGS CORP.

TABLE 3. RECONCILIATION OF GAAP BUSINESS REVENUES TO ADJUSTED BUSINESS REVENUES

(Dollars in thousands)

(unaudited)

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016

2017

2016

Total Business revenues(1)

$

134,100

$

129,306

$

110,511

$

498,922

$

376,352










Total UCaaS revenues (1)

$

94,215

$

90,942

$

83,971

$

359,257

$

318,205

Early termination letter

?

?

?

?

(500)

Bad debt policy reclassification

?

?

?

?

(431)

Accounts receivable write-down

?

?

300

319

?

Adjusted total UCaaS revenues

94,215

90,942

84,271

359,576

317,274

Hosted Infrastructure Sale

?

?

(1,660)

(2,721)

(6,262)

Adjusted total UCaaS revenues

94,215

90,942

82,611

356,855

311,012

Less: Product revenues

12,661

13,085

12,655

52,498

52,450

Less: USF revenues

7,447

6,738

6,193

26,833

22,025

Adjusted total UCaaS service revenues

$

74,107

$

71,119

$

63,763

$

277,524

$

236,537










Total CPaaS revenues (1)

$

39,885

$

38,364

$

26,541

$

139,665

$

58,148

Nexmo pre-acquisition revenues

?

?

?

?

34,225

Pro forma CPaaS revenues

39,885

38,364

26,541

139,665

92,373

Net-to-gross revenue reporting adjustment

?

?

2,827

3,374

10,267

Adjusted total CPaaS revenues

$

39,885

$

38,364

$

29,368

$

143,039

$

102,640

(1) Total Business revenues is comprised of revenues from UCaaS and CPaaS

 

VONAGE HOLDINGS CORP.

TABLE 4. RECONCILIATION OF GAAP INCOME FROM OPERATIONS

 TO ADJUSTED OIBDA AND TO ADJUSTED OIBDA MINUS CAPEX

(Dollars in thousands)

(unaudited)

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016

2017

2016

Income from operations

$

22,985

$

24,623

$

5,214

$

59,391

$

44,154

Depreciation and amortization

18,003

18,179

19,070

72,523

72,285

Share-based expense

8,035

7,594

9,462

30,105

30,253

Acquisition related transaction and integration costs

?

15

(219)

172

4,863

Acquisition related consideration accounted for as
compensation

823

886

6,813

12,782

16,780

Change in contingent consideration

?

?

(4,110)

?

(11,472)

Organizational transformation

1,101

?

?

5,101

2,435

Loss on sublease

?

?

744

?

744

Adjusted OIBDA

$

50,947

$

51,297

$

36,974

$

180,074

$

160,042

Less:








Capital expenditures

$

(6,125)

$

(6,795)

$

(6,166)

$

(21,915)

$

(26,146)

Intangible assets

$

?

$

?

$

(50)

$

?

$

(50)

Acquisition and development of software assets

$

(1,936)

$

(2,554)

$

(2,551)

$

(11,374)

$

(11,538)

Adjusted OIBDA Minus Capex

$

42,886

$

41,948

$

28,207

$

146,785

$

122,308

 

VONAGE HOLDINGS CORP.

TABLE 5. RECONCILIATION OF GAAP NET INCOME TO

NET INCOME EXCLUDING ADJUSTMENTS

(Dollars in thousands, except per share amounts)

(unaudited)

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016 (1)

2017

2016 (1)

Net (loss) income

$

(55,273)

$

10,602

$

(2,038)

$

(33,933)

$

13,151

Amortization of acquisition - related intangibles

9,220

9,257

8,706

36,545

32,016

Acquisition related transaction and integration costs

?

15

(219)

172

4,863

Acquisition related consideration accounted for as
compensation

823

886

6,813

12,782

16,780

Change in contingent consideration

?

?

(4,110)

?

(11,472)

Organizational transformation

1,101

?

?

5,101

2,435

Loss on sublease

?

?

744

?

744

Tax impact on TCJA

69,378

?

?

69,378

?

Tax effect on adjusting items

(4,604)

(4,197)

(4,931)

(22,558)

(18,743)

Net income excluding adjustments

$

20,645

$

16,563

$

4,965

$

67,487

$

39,774

Net (loss) income per common share:








Basic

$

(0.24)

$

0.05

$

(0.01)

$

(0.15)

$

0.06

Diluted

$

(0.24)

$

0.04

$

(0.01)

$

(0.15)

$

0.06

Weighted-average common shares outstanding:








Basic

229,339

227,943

218,375

225,311

215,751

Diluted

229,339

242,720

218,375

225,311

231,941

Net income per common share, excluding adjustments:








Basic

$

0.09

$

0.07

$

0.02

$

0.30

$

0.18

Diluted

$

0.08

$

0.07

$

0.02

$

0.28

$

0.17

Weighted-average common shares outstanding:








Basic

229,339

227,943

218,375

225,311

215,751

Diluted

245,725

242,720

237,670

241,933

231,941

(1) Revised due to the correction of prior period financial statements.

 

VONAGE HOLDINGS CORP.

TABLE 6. FREE CASH FLOW

(Dollars in thousands)

(unaudited)

Three Months Ended

For the Years Ended

December 31,

September 30,

December 31,

December 31,

2017

2017

2016 (1)

2017

2016 (1)

Net cash provided by operating activities

$

47,458

$

47,907

$

23,842

$

128,058

$

93,456

Less:








Capital expenditures

(6,125)

(6,795)

(6,166)

(21,915)

(26,146)

Intangible assets

?

?

(50)

?

(50)

Acquisition and development of software assets

(1,936)

(2,554)

(2,551)

(11,374)

(11,538)

Free cash flow

$

39,397

$

38,558

$

15,075

$

94,769

$

55,722

(1) Revised due to the adoption of new Accounting Standard Updates and the correction of prior period financial statements.

 

VONAGE HOLDINGS CORP.

TABLE 7. RECONCILIATION OF NOTES PAYABLE, INDEBTEDNESS UNDER REVOLVING CREDIT FACILITY, AND CAPITAL LEASES TO NET DEBT

(Dollars in thousands)

(unaudited)

For the years ended December 31,

2017

2016



Current maturities of capital lease obligations

$

140

$

3,288

Current portion of notes payable

18,750

18,750

Notes payable and indebtedness under revolving credit facility, net of current maturities and debt related costs

213,766

300,124

Unamortized debt related costs

672

1,064

Capital lease obligations, net of current maturities

?

140

Gross debt

233,328

323,366

Less:



Unrestricted cash and marketable securities

31,360

29,679

Net debt

$

201,968

$

293,687

 

About Vonage

Vonage (NYSE: VG) is a leading provider of cloud communications services for business. Vonage transforms the way people work and businesses operate through a portfolio of cloud-based communications solutions that enable internal collaboration among employees, while also keeping companies closely connected with their customers, across any mode of communication, on any device. Vonage's API Platform provides tools for voice, messaging and phone verification services, allowing developers to embed contextual, programmable communications into mobile apps, websites and business systems, enabling enterprises to easily communicate relevant information to their customers in real time, anywhere in the world, through text messaging, chat, social media and voice. For more information, visit www.vonage.com.

Use of Non-GAAP Financial Measures

This press release includes measures defined as non-GAAP financial measures by Regulation G adopted by the Securities and Exchange Commission, including: adjusted Operating Income Before Depreciation and Amortization ("adjusted OIBDA"), adjusted OIBDA less Capex, adjusted net income, net debt (cash), free cash flow and adjusted revenues.

Adjusted OIBDA

Vonage uses adjusted OIBDA as a principal indicator of the operating performance of its business.

Vonage defines adjusted OIBDA as GAAP income (loss) from operations excluding depreciation and amortization, share-based expense, acquisition related transaction and integration costs, change in contingent consideration, acquisition related consideration accounted for as compensation, organizational transformation costs and loss on sublease.

Vonage believes that adjusted OIBDA permits a comparative assessment of its operating performance, relative to its performance based on its GAAP results, while isolating the effects of depreciation and amortization, which may vary from period to period without any correlation to underlying operating performance; of share-based expense, which is a non-cash expense that also varies from period to period; of one-time acquisition related transaction and integration costs, acquisition related consideration accounted for as compensation and change in contingent consideration, organizational transformation costs and loss on sublease.

The Company provides information relating to its adjusted OIBDA so that investors have the same data that the Company employs in assessing its overall operations. The Company believes that trends in its Adjusted OIBDA are valuable indicators of the operating performance of the Company on a consolidated basis.

The Company does not reconcile its forward-looking adjusted OIBDA to the corresponding GAAP measure of income from operations due to the significant variability and difficulty in making accurate forecasts with respect to the various expenses we exclude, as they may be significantly impacted by future events the timing and nature of which are difficult to predict or are not within the control of management.  As such, the Company has determined that reconciliations of this forward-looking non-GAAP financial measure to the corresponding GAAP measure is not available without unreasonable effort.

Adjusted OIBDA less Capex

Vonage uses adjusted OIBDA less Capex as an indicator of the operating performance of its business. The Company provides information relating to its adjusted OIBDA less Capex so that investors have the same data that the Company employs in assessing its overall operations. The Company believes that trends in its Adjusted OIBDA less Capex are valuable indicators of the operating performance of the Company on a consolidated basis because they provide our investors with insight into current performance and period-to-period performance.

Adjusted net income

Vonage defines adjusted net income, as GAAP net income (loss) excluding amortization of acquisition-related intangible assets, acquisition related transaction and integration costs, change in contingent consideration, acquisition related consideration accounted for as compensation, loss on sublease and tax effect on adjusting items.

The Company believes that excluding these items will assist investors in evaluating the Company's operating performance and in better understanding its results of operations as amortization of acquisition-related intangible assets is a non-cash item, one-time acquisition related transaction and integration costs, change in contingent consideration, acquisition related consideration accounted for as compensation, loss on sublease and tax effect on adjusting items are not reflective of operating performance.

Net debt (cash)

Vonage defines net debt (cash) as the current maturities of capital lease obligations, current portion of notes payable, notes payable and indebtedness under revolving credit facility, net of current maturities and debt related costs, and capital lease obligations, net of current maturities, less unrestricted cash and marketable securities.

Vonage uses net debt (cash) as a measure of assessing leverage, as it reflects the gross debt under the Company's credit agreements and capital leases less cash available to repay such amounts. The Company believes that net cash is also a factor that first parties consider in valuing the Company.

Free cash flow

Vonage defines free cash flow as net cash provided by operating activities minus capital expenditures, purchase of intangible assets, and acquisition and development of software assets.

Vonage considers free cash flow to be a liquidity measure that provides useful information to management about the amount of cash generated by the business that, after the acquisition of equipment and software, can be used by Vonage for debt service and strategic opportunities. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure.

The non-GAAP financial measures used by Vonage may not be directly comparable to similarly titled measures reported by other companies due to differences in accounting policies and items excluded or included in the adjustments, which limits its usefulness as a comparative measure. These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Adjusted Revenues

Vonage uses adjusted Business revenues to illustrate the impact of one-time items for UCaaS and CPaaS revenues.

Safe Harbor Statement

This press release contains forward-looking statements, including statements about acquisitions, acquisition integration, growth priorities or plans, revenues, adjusted OIBDA, churn, seats, lines or accounts, average revenue per user, cost of telephony services, the Company's share repurchase plan, capital expenditures, new products and related investment, and other statements that are not historical facts or information, that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. In addition, other statements in this press release that are not historical facts or information may be forward-looking statements. The forward-looking statements in this release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve risks and uncertainties that could cause actual results and outcomes to be materially different. Important factors that could cause such differences include, but are not limited to: the competition we face; the expansion of competition in the cloud communications market; our ability to adapt to rapid changes in the cloud communications market; the nascent state of the cloud communications for business market; our ability to retain customers and attract new customers; the risk associated with developing and maintaining effective internal sales teams and effective distribution channels; risks related to the acquisition or integration of businesses we have acquired; security breaches and other compromises of information security; risks associated with sales of our services to medium-sized and enterprise customers; our reliance on third party hardware and software; our dependence on third party facilities, equipment, systems and services; system disruptions or flaws in our technology and systems; our ability to scale our business and grow efficiently; our dependence on third party vendors; the impact of fluctuations in economic conditions, particularly on our small and medium business customers; our ability to comply with data privacy and related regulatory matters; our ability to obtain or maintain relevant intellectual property licenses; failure to protect our trademarks and internally developed software; fraudulent use of our name or services; intellectual property and other litigation that have been and may be brought against us; reliance on third parties for our 911 services; uncertainties relating to regulation of VoIP services; risks associated with legislative, regulatory or judicial actions regarding our CPaaS products; the impact of governmental export controls or sanctions on our CPaaS products; our ability to establish and expand strategic alliances; risks associated with operating abroad; risks associated with the taxation of our business; risks associated with a material weakness in our internal controls; our dependence upon key personnel; governmental regulation and taxes in our international operations; liability under anti-corruption laws; our dependence on our customers' existing broadband connections; differences between our services and traditional telephone service; restrictions in our debt agreements that may limit our operating flexibility; foreign currency exchange risk; the market for our stock; our ability to obtain additional financing if required; any reinstatement of holdbacks by our credit card processors; our history of net losses and ability to achieve consistent profitability in the future; and other factors that are set forth in the "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2016, in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, and therefore, you should not rely on these forward-looking statements as representing the Company's views as of any date subsequent to today.

(vg-f)

SOURCE Vonage Holdings Corp.


These press releases may also interest you

at 07:42
Noah Holdings Limited Files 2023 Annual Report on Form 20-F
Noah Holdings Limited ("Noah" or the "Company") , a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for Mandarin-speaking high net worth...

at 07:40
Noah Releases 2023 Chairwoman/CEO Letter
Dear Shareholders: On behalf of the Board of Directors and the management team of Noah, we would like to express our sincere gratitude to our shareholders for their unwavering support. Global markets experienced significant turbulence across various...

at 07:35
PROG Holdings Reports First Quarter 2024 Results
PROG Holdings, Inc. , the fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build, today announced financial results for the first quarter ended March 31, 2024. "We're pleased with our strong start to the year,...

at 07:35
Sterling Bancorp Reports First Quarter 2024 Financial Results
Sterling Bancorp, Inc. ("Sterling" or the "Company"), the holding company of Sterling Bank and Trust, F.S.B. (the "Bank"), today reported its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights...

at 07:35
Accel Entertainment, Inc. to Announce First Quarter 2024 Financial Results
Accel Entertainment, Inc. today announced it will release its financial and operating results for the first quarter ended March 31, 2024, after market close on May 8, 2024. The company will host a conference call at 5:30 PM ET / 4:30 PM CT that same...

at 07:35
Fortive Reports Strong First Quarter 2024 Results; Raises Full Year 2024 Outlook
Fortive Corporation ("Fortive") today announced financial results for the first quarter of 2024. For the first quarter, net earnings were $207 million. For the same period, adjusted net earnings were $295 million, which excludes the $63 million...

More news about Business...


News published on and distributed by: