Vonage Delivers Strong Second Quarter 2017 Results Highlighted by 44% Vonage Business GAAP Revenue Growth
Consolidated Revenues of $252 Million, an 8% GAAP Increase
Income from Operations of $7 Million, Adjusted OIBDA of $41 Million
Vonage Business Organic Growth of 23%; CPaaS Organic Revenue Growth of 44%
Best-ever Reported Consumer Customer Churn of 1.9%
Holmdel, NJ, August 3, 2017 - Vonage Holdings Corp. (NYSE: VG), a leading provider of business cloud communications, today announced results for the quarter ended June 30, 2017.
“We had an outstanding second quarter, and we are pleased with the team’s performance,” said Alan Masarek, Vonage Chief Executive Officer. “We’ve taken bold steps to transform Vonage into a market leading business cloud communications company. Our value proposition is resonating well, and we are confident that our focus on delivering better business outcomes for our customers will lead to accelerated long-term growth.”
“Within Vonage Business, we continue to execute on our priorities to accelerate UCaaS revenue growth within the Mid-market and Enterprise segments, as well as drive strong revenue growth in CPaaS. We also continue to pull the right levers to optimize and extend the value of Consumer Services, highlighted by record low churn.”
For the second quarter of 2017, Vonage reported revenues of $252 million, an 8% increase from the year ago quarter. Income from Operations was $7 million, up from $5 million in the prior year. Adjusted Operating Income Before Depreciation and Amortization (“Adjusted OIBDA”)1 was $41 million, up from $40 million in the prior year. GAAP net income was $5 million or $0.02 per share, up from $218 thousand or $0.00 per share in the year ago quarter. Adjusted net income2 was $15 million or $0.07 per share, up from $10 million or $0.05 per share in the year ago quarter.
The following information was filed by Vonage Holdings Corp (VG) on Thursday, August 3, 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: 0001272830-17-000066 Submitted to the SEC: Thu Aug 03 2017 4:03:07 PM EST Accepted by the SEC: Thu Aug 03 2017 Period: Friday, June 30, 2017 Industry: Telephone Communications No Radiotelephone