Vonage Business Drives Strong Second Quarter Revenue Growth; TokBox Acquisition Accelerates Growth and Broadens Platform with Leading Global Video API Offering
• Vonage Business GAAP Revenues of $148 Million, a 20% increase
◦ Business Service GAAP Revenues up 24%
• Consolidated GAAP Revenues of $260 Million, a 3% increase
• Income from Operations of $13 Million; Adjusted OIBDA of $45 Million
• Completed acquisition of TokBox Inc. for $35 million in all cash transaction
◦ Expands API portfolio to global leadership in video
• Completed new $600 million credit facility to increase strategic flexibility, lower cost and
Holmdel, NJ, August 1, 2018 - Vonage Holdings Corp. (NYSE: VG), a business cloud communications leader, today announced results for the quarter ended June 30, 2018.
“Vonage delivered another quarter of strong business growth while executing our transformation into a communications software company,” said Vonage CEO Alan Masarek. “Vonage Business service revenue grew 24 percent, driven by strong performance in CPaaS and continued adoption of Vonage Business Cloud. Our strategic focus is to deliver a differentiated, fully programmable communications solution that drives Better Business Outcomes for our customers.”
Mr. Masarek continued, “We are incredibly excited to announce the acquisition of TokBox, the global leader in programmable video API’s. With TokBox, our API portfolio expands beyond voice, SMS and IP messaging to include global leadership in programmable video. TokBox significantly expands our total addressable market, and it is a major step towards global leadership in cloud communications.”
For the second quarter of 2018, Vonage reported revenues of $260 million, a 3% increase from the year ago quarter. Income from Operations was $13 million, up from $7 million in the prior year quarter. Adjusted Operating Income Before Depreciation and Amortization (“Adjusted OIBDA”)1 was $45 million, up from $41 million in the prior year quarter. GAAP net income was $9 million or $0.03 per share, up from $5 million or $0.02 per share in the year ago quarter. Adjusted net income2 was $17 million or $0.07 per share, up from $15 million or $0.06 per share in the year ago quarter.
The following information was filed by Vonage Holdings Corp (VG) on Wednesday, August 1, 2018 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.