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Vonage Holdings Corp. Reports Fourth Quarter and Full Year 2010 Results
Company Reports Record EBITDA and Free Cash Flow
Fourth Quarter 2010
Adjusted EBITDA1 of $41 Million
Net Income of $15 Million or $0.07 per Share Excluding Adjustments2
Revenue of $218 Million
Full Year 2010
Adjusted EBITDA increases 31% to $156 Million
Net Income of $47 Million or $0.22 per Share Excluding Adjustments
Free Cash Flow3 of $154 Million
Revenue of $885 Million
Holmdel, NJ, February 15, 2011 Vonage Holdings Corp. (NYSE: VG), a leading provider of low-cost communications services connecting individuals through broadband devices worldwide, today announced results for the fourth quarter and full year ended December 31, 2010.
Fourth Quarter 2010
Vonage reported record adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)1 of $41 million, an increase from $35 million sequentially and up from $34 million in the year ago quarter. Revenue of $218 million increased from $214 sequentially and decreased from $224 million year-over-year. Income from operations was $26 million, an increase from $20 million sequentially and up from $19 million in the year ago quarter.
As announced in January, the Company added nearly 6,000 net lines in the fourth quarter, the first quarter of positive net line additions in more than two years. The Company finished the year with 2.4 million lines in service. Churn was 2.4%, flat sequentially and down from 2.8% in the year ago quarter driven by customer mix and improvements in the end-to-end customer experience.
The Company reported net income of $15 million or $0.07 per share excluding adjustments2, up from $8 million or $0.04 sequentially and up from $5 million or $0.03 per share in the prior years quarter. Including one-time adjustments of $58 million in the fourth quarter related to the Companys refinancing, GAAP net loss was $42 million or $0.19 per share. This is up from a net loss of $55 million or $0.26 per share sequentially, which included $60 million in one-time charges related to the Companys refinancing, and down from net income of $4 million or $0.02 per share in the year ago quarter.
Marc Lefar, Vonage Chief Executive Officer, said, Our multi-year plan to improve all of our key metrics culminated in a strong fourth quarter, providing clear evidence of our sustained operational and financial transformation. The Company delivered record high adjusted EBITDA, the lowest fourth
The following information was filed by Vonage Holdings Corp (VG) on Tuesday, February 15, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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