Vonage Holdings Corp. Reports Fourth Quarter and Full Year 2014 Results
Fourth Quarter 2014
-- Revenue of $215 Million --
-- Adjusted EBITDA1 of $35 Million; Highest in 10 Quarters --
-- 56% Organic Increase in Vonage Business Solutions Revenues --
-- Company Closes Telesphere Acquisition --
-- New $100 Million Share Repurchase Program --
Full Year 2014
-- Revenue of $869 Million, up 5% --
-- Adjusted EBITDA1 of $124 Million --
-- Net Income of $60 Million or $0.28 Per Share Excluding Adjustments2 -
-- Repurchased 13 Million Shares for $49 million --
Holmdel, NJ, February 12, 2015 - Vonage Holdings Corp. (NYSE: VG), a leading provider of cloud communications services for consumers and businesses, today announced results for the fourth quarter and full year ended December 31, 2014.
Summary of Full Year 2014 Results
For the full year 2014, Vonage reported revenue of $869 million, up from $829 million in the prior year, benefitting from the full year impact of Vonage Business Solutions (“VBS”), which the Company acquired in November 2013.
Adjusted EBITDA was $124 million in 2014, up from $110 million in the prior year.
GAAP net income was $20 million or $0.10 per share in 2014, down from $28 million or $.13 per share in the prior year. Net income excluding adjustments2 was $60 million or $0.28 per share, up from $52 million or $0.24 per share in 2013.
“We concluded a year of strong strategic progress as we accelerated the growth of Vonage Business Solutions, and we took disciplined actions in the Consumer business to optimize profitability,” said Alan Masarek, Vonage Chief Executive Officer. “We doubled our addressable market in the large and growing Small and Medium Business (“SMB”) sector and strengthened the Company’s leadership position in Unified Communications-as-a-Service (“UCaaS”) with the acquisition of Telesphere, and we are confident in our ability to accelerate growth at Telesphere as we did with VBS.
The following information was filed by Vonage Holdings Corp (VG) on Thursday, February 12, 2015 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.