Vonage Announces Strong First Quarter 2017 Results, Highlighted by 51% GAAP Growth in Vonage Business Revenues and Consolidated Adjusted OIBDA of $37 Million
Consolidated Revenues of $243 Million, a 7% GAAP increase
Income from Operations of $5 Million, Adjusted OIBDA of $37 Million
Significant Enterprise traction, including the signing of a large Enterprise deal with a global real estate firm for more than 20,000 seats
Repurchased 1.6 Million shares for $10 Million at an average price of $5.95
Holmdel, NJ, May 9, 2017 - Vonage Holdings Corp. (NYSE: VG), a leading provider of cloud communications for business, today announced results for the first quarter ended March 31, 2017.
"We are off to a solid start in 2017. Consolidated revenues were $243 million, a 7% year-over year increase and our eighth consecutive quarter of year-over-year consolidated revenue growth," said Vonage CEO Alan Masarek. “We are transforming our Company to capitalize on the enormous cloud communications market opportunity. Our strategy remains rooted in continued investment in Vonage Business to drive faster long-term growth, leveraging the Company’s strategic assets to become the clear leader in business cloud communications.”
Mr. Masarek continued, “We are pleased with the progress we have made against our growth initiatives in Vonage Business, including accelerated traction in the enterprise segment, the build out of our multi-channel sales infrastructure, and strengthening our customer value proposition through the integration of UCaaS and CPaaS. At the same time, we continue to generate significant cash. In the first quarter, we used this strong cash flow to return value to our shareholders through opportunistic share repurchases, repurchasing 1.6 million shares for $10 million.”
For the first quarter of 2017, Vonage reported revenues of $243 million, a 7% increase from the year ago quarter. Income from Operations was $5 million, down from $19 million in the prior year. Adjusted Operating Income Before Depreciation and Amortization (“Adjusted OIBDA”)1 was $37 million, down from $42 million in the prior year. GAAP net income was $6 million or $0.03
The following information was filed by Vonage Holdings Corp (VG) on Tuesday, May 9, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: VG CIK: 1272830 Form Type:10-Q Quarterly Report Accession Number: 0001272830-17-000043 Submitted to the SEC: Tue May 09 2017 4:11:08 PM EST Accepted by the SEC: Tue May 09 2017 Period: Friday, March 31, 2017 Industry: Telephone Communications No Radiotelephone