Vonage Delivers Strong Third Quarter 2017 Results Highlighted by 22% Vonage Business GAAP Revenue Growth
Consolidated Revenues of $253 Million
Income from Operations of $25 Million, Record Adjusted OIBDA of $51 Million
Raises Consolidated Revenue Guidance to at least $1 billion and up to $1.005 billion and Adjusted OIBDA to at least $180 million
Holmdel, NJ, November 7, 2017 - Vonage Holdings Corp. (NYSE: VG), a leading provider of business cloud communications, today announced results for the quarter ended September 30, 2017.
“Vonage delivered record results in the third quarter driven by our continued investments in Vonage Business, including product, infrastructure and distribution. Highlighted by 22% GAAP growth, Vonage Business revenues exceeded Consumer revenues for the first time. And, we’re improving the revenue trajectory of Consumer and corresponding consolidated cash flow,” said Vonage CEO Alan Masarek.
“Our results demonstrate that we’re delivering on our strategic priorities, using our full suite of cloud communications services to deliver better business outcomes to our customers, and successfully transforming Vonage into a market leader in business cloud communications. On the strength of these results, we are raising our consolidated revenue and OIBDA guidance.”
For the third quarter of 2017, Vonage reported revenues of $253 million, a 2% increase from the year ago quarter. Income from Operations was $25 million, up from $15 million in the prior year. Adjusted Operating Income Before Depreciation and Amortization (“Adjusted OIBDA”)1 was $51 million, up from $41 million in the prior year. GAAP net income was $11 million or $0.05 per share, up from $7 million or $0.03 per share in the year ago quarter. Adjusted net income2 was $17 million or $0.07 per share, up from $13 million or $0.05 per share in the year ago quarter.
The following information was filed by Vonage Holdings Corp (VG) on Tuesday, November 7, 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: 0001272830-17-000074 Submitted to the SEC: Tue Nov 07 2017 4:21:07 PM EST Accepted by the SEC: Tue Nov 07 2017 Period: Saturday, September 30, 2017 Industry: Telephone Communications No Radiotelephone