0001272830-20-000041.txt : 20200218 0001272830-20-000041.hdr.sgml : 20200218 20200218080004 ACCESSION NUMBER: 0001272830-20-000041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200218 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200218 DATE AS OF CHANGE: 20200218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VONAGE HOLDINGS CORP CENTRAL INDEX KEY: 0001272830 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 113547680 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32887 FILM NUMBER: 20623539 BUSINESS ADDRESS: STREET 1: 23 MAIN STREET CITY: HOLMDEL STATE: NJ ZIP: 07733 BUSINESS PHONE: 732-528-2600 MAIL ADDRESS: STREET 1: 23 MAIN STREET CITY: HOLMDEL STATE: NJ ZIP: 07733 8-K 1 a8-kerq419.htm 8-K Document
false0001272830 0001272830 2020-02-18 2020-02-18


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________ 
FORM 8-K  
 ____________________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2020  
____________________________ 
 VONAGE HOLDINGS CORP.
(Exact Name of Registrant as Specified in Charter)  
 ____________________________ 
 
Delaware
 
001-32887
 
11-3547680
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
23 Main Street
Holmdel
,
NJ
,
07733
(Address of Principal Executive Offices)
 
(Zip Code)
Registrant's telephone number, including area code: (732) 528-2600
(Former Name or Former Address, if Changed Since Last Report)
____________________________ 
 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.001
 
VG
 
Nasdaq Global Select Market
 



Item 2.02. Results of Operations and Financial Condition
On February 18, 2020, Vonage Holdings Corp. (the “Company”) announced its financial results for the quarter and year ended December 31, 2019. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
The Company is making references to non-GAAP financial information in both the press release and the referenced conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits

See accompanying Exhibit Index for a list of the exhibits furnished with this Current Report on Form 8-K.

EXHIBIT INDEX

99.1
 
 
 
 
101.INS
 
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
 
 
 
101.SCH
 
Inline XBRL Taxonomy Extension Schema Document
 
 
 
101.CAL
 
Inline XBRL Taxonomy Extension Calculation Linkbase Document
 
 
 
101.DEF
 
Inline XBRL Taxonomy Extension Definition Linkbase Document
 
 
 
101.LAB
 
Inline XBRL Taxonomy Extension Label Linkbase Document
 
 
 
101.PRE
 
Inline XBRL Taxonomy Extension Presentation Linkbase Document
 

 


2


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
VONAGE HOLDINGS CORP.
 
 
 
 
 
Date:
February 18, 2020
By:
 
    /s/ David T. Pearson
 
 
 
 
David T. Pearson
Chief Financial Officer
 

3
 EX-99.1 2 a8-kerq419exhibit991.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1

vonagelogoa03.jpg

Vonage Reports Fourth Quarter and Full-Year 2019 Financial Results


Fourth Quarter 2019 GAAP Highlights:
•
Business Service Revenues of $196 Million, a 32% Year-Over-Year Increase
•
API Platform Revenues Increased 50%
•
Applications Mid-market and Enterprise Growth Accelerated to 14%
•
Income from Operations of $4 Million and Adjusted OIBDA of $44 million
•
Announcing Strategic Review of Consumer Segment

HOLMDEL, N.J., Feb. 18, 2020 -- Vonage Holdings Corp. (Nasdaq: VG), a global business cloud communications leader, today announced results for the quarter and full year ended December 31, 2019.

“In 2019, we took a number of decisive actions to enable long-term success,” said Alan Masarek, Chief Executive Officer. “We completed the move to our own technology across our core UCaaS, CCaaS and CPaaS products, and invested significantly in product innovation and platform enhancement. We also invested in and focused our go-to-market efforts to further drive revenue growth in high-value APIs and Mid-market and Enterprise customers in Applications.”

Strategic Review of Consumer Segment
In light of the significant scale and growth of the Business segment, the Company is initiating a strategic review of its Consumer segment, including the feasibility of its divestiture, to further the Company’s goal of becoming a pure-play Business SaaS company. The review will be led by the Board, working with management and with the assistance of financial and legal advisors, and will include an operational review with the assistance of consultants.

Mr. Masarek continued, “We finished the year with solid momentum. I’m energized by the tremendous opportunity ahead as we execute our strategy. Given the progress we have made transforming Vonage away from Consumer and into a Business SaaS company, we are undertaking a strategic review of our Consumer segment, with the aim of enhancing shareholder value.”

Fourth Quarter 2019 Business Segment Results
•
Vonage Business Revenues of $218 million, representing 28% GAAP growth.
•
Business Service Revenues of $196 million, a 32% GAAP increase
•
Adjusted to include acquisitions for all periods and other one-time items, Vonage Business Service Revenues(1) increased 24% year-over-year.
•
API Platform Revenues (which are all Service revenues) grew 50% GAAP.
•
Applications Service Revenues grew 20% GAAP and 8% adjusted.





Other Fourth Quarter Business Segment Highlights
•
Revenue growth from Applications customers with greater than $12,000 of Annual Recurring Revenue (ARR) accelerated to 14% in the fourth quarter of 2019 from 12% in the third quarter of 2019. Bookings from this cohort represented 62% of total bookings in the fourth quarter of 2019 compared to 37% in the fourth quarter of 2018.
•
Revenue growth from customers with greater than $120,000 of ARR accelerated to 21% in the fourth quarter of 2019 from 17% in the third quarter of 2019.
•
Welcomed former SAP executive Rodolpho Cardenuto to the company as President of the Applications Group.
•
High Value API revenue grew at nearly twice the rate of overall API Platform revenues.
•
Business Service Revenue per Customer was $476 per month, up 21% from the year-ago quarter.
•
Business Service Revenue Churn was 1.2%, up from 1.1% in the year-ago quarter.

Full Year 2019 Business Segment Results
•
Business Revenues were $804 million, representing 32% GAAP growth.
•
Business Service Revenues were $720 million, a 37% GAAP increase.
•
Adjusted to include acquisitions for all periods and other one-time items, Vonage Business Service Revenues(1) increased 22% year-over-year.
•
API Platform Revenues (which are all service revenues) grew 47% GAAP.
•
Applications Service Revenues grew 30% GAAP and 10% adjusted.

Other Business Segment Highlights
•
Unveiled the revitalized Vonage brand, unifying around a single global corporate identity.
•
Named a Leader in Gartner’s CCaaS Magic Quadrant for Western Europe and a Visionary in Gartner’s CCaaS Magic Quadrant for North America. Frost & Sullivan recognized Vonage as a CPaaS Market Growth and Innovation Leader and as CPaaS Provider of the Year in the Asia-Pacific (APAC) region.
•
Invested significantly in the Vonage Communications Platform. The Company deployed Artificial Intelligence across Vonage Business Cloud (VBC) and the API Platform leveraging its acquisition of Over.ai. Vonage also launched Vonage Meetings, the Company’s native video collaboration solution integrated with VBC. Vonage also launched Conversation API, which enables developers and enterprises to create customized, real-time conversations that maintain context across multiple channels, including messaging and voice.
•
Registered developers on Vonage's API Platform increased to 940,000.

Fourth Quarter 2019 Consumer Segment Results
•
Consumer Revenues were $92 million, down 11% compared to the year-ago quarter.
•
Customer churn was 1.7%, down 0.1% compared to the year-ago quarter.
•
Average revenue per line ("ARPU") was $27.57, up $1.25 compared to the year-ago quarter.
•
Ended the quarter with approximately 1.1 million Consumer subscriber lines. More than 90% of these customers are tenured, defined as customers for more than two years.

Full Year 2019 Consumer Segment Results
•
Consumer Revenues were $385 million, down 13% from the prior year.
•
Customer churn was 1.8%, unchanged from the prior year.
•
Average revenue per line ("ARPU") was $27.04, up $0.62 from the prior year.

Consolidated Income and Balance Sheet
For the fourth quarter of 2019, Vonage reported consolidated revenues of $310 million, up from $274 million in the year-ago quarter. Income from operations was $4 million, down from $6 million in the prior year quarter. GAAP net loss was $2 million, or ($0.01) per share, an improvement from a loss of $7 million in the prior year period, or ($0.03) per share. Fourth quarter adjusted net income(2) was $15 million or $0.06 per share, an increase from $11 million or $0.05 per share in the prior year period.





For the full year 2019, Vonage reported consolidated revenues of $1.19 billion, up from $1.05 billion in the prior year. Income from operations was $7 million, down from $52 million in the prior year. GAAP net loss was $19 million, or ($0.08) per share, for the full year 2019, compared with income of $36 million, or $0.15 per share, in 2018. Full-year 2019 adjusted net income(2) was $46 million or $0.19 per share, down from $81 million or $0.34 per share in the prior year.

For the fourth quarter, the Company generated Adjusted OIBDA(3) of $44 million, and Adjusted OIBDA minus Capex(3) of $32 million. Net Cash from Operations was $33 million and Free Cash Flow(4) was $20 million for the quarter. The Company paid down $15 million of debt during the quarter, resulting in a net debt to Last Twelve Months Adjusted OIBDA ratio of 3.4 times, as of December 31, 2019.

For the full year, Adjusted OIBDA(3) was $158 million and Adjusted OIBDA minus Capex(3) was $109 million. Net Cash from Operations was $93 million and Free Cash Flow(4) was $44 million for the year.
 
2020 Outlook
To better reflect the Company’s transformation into a Business SaaS company, Vonage expects to make several changes to its reporting and disclosure in the first quarter of 2020. These changes include:
•
Moving from Adjusted OIBDA to Adjusted EBITDA;
•
Moving Applications customer subscription references from MRR, monthly recurring revenue, to ARR, annual recurring revenue;
•
Providing more comparable customer retention metrics; and
•
Reviewing the application and reporting structure of its Universal Service Fund (USF) fees to better highlight operating performance. Vonage collects USF fees for payment to the FCC, and these revenues are a 100% pass-through and do not impact adjusted EBITDA or cash flow. As a result, the Company’s 2020 guidance does not include what it estimates would have been 2020 USF revenues of $46 million in Business and $37 million in Consumer (if reporting and collecting USF were under the fourth quarter 2019 approach).

For the full year 2020, Vonage expects the following (based on constant currency as of February 2020; percentage references represent mid-point of the guidance range), excluding USF:
•
Consolidated revenues in the range of $1.165 billion to $1.185 billion
•
Vonage Business segment revenues in the range of $875 million to $895 million; within this:
•
Business Service revenues are expected to grow 16% to 18% on an adjusted basis
•
Product and access revenues will decline by approximately $10 million from 2019 levels
•
Consumer revenues in the area of $290 million
•
Consolidated Adjusted EBITDA of at least $155 million
•
Capex in the area of $60 million.

For the first quarter of 2020, Vonage expects the following, excluding USF:
•
Consolidated revenues in the $277 million area
•
Vonage Business revenues in the $200 million area
•
Business Service revenues in the $190 million area
•
Consumer revenues in the $77 million area
•
Consolidated Adjusted EBITDA in the $32 million area.






Conference Call and Webcast
The company will host a conference call to discuss its financial results for the fourth quarter and full year 2019 and other matters at 8:30 AM Eastern Time. To participate, please dial (866) 891-8177. International callers should dial (412) 902-6756.

A live webcast of the conference call will be available on the Vonage Investor Relations website. A replay of the webcast will also be available shortly after the conclusion of the call, and may be accessed through Vonage's Investor Relations website or by dialing (877) 344-7529 or (412) 317-0088 for international callers, and entering the passcode 10139007.
About Vonage
Vonage (Nasdaq:VG) is redefining business communications once again. We're making communications more flexible, intelligent, and personal, to help enterprises the world over, stay ahead. We provide unified communications, contact centers and programmable communications APIs, built on the world's most flexible cloud communications platform. True to our roots as a technology disruptor, our flexible approach helps us to better serve the growing collaboration, communications, and customer experience needs of companies, across all communications channels.
Vonage Holdings Corp. is headquartered in New Jersey, with offices throughout the United States, Europe, Israel, Australia and Asia. To follow Vonage on Twitter, please visit www.twitter.com/vonage. To become a fan on Facebook, go to facebook.com/vonage. To subscribe on YouTube, visit youtube.com/vonage.
Investor Contact: Hunter Blankenbaker 732.444.4926, hunter.blankenbaker@vonage.com
Media Contact: Jo Ann Tizzano 732.365.1363, joann.tizzano@vonage.com


(1) This is a non-GAAP financial measure. Refer below to Table 5 for a reconciliation to GAAP total business revenues and business service revenues.
(2) This is a non-GAAP financial measure. Refer below to Table 4 for a reconciliation to GAAP net income (loss).
(3) This is a non-GAAP financial measure. Refer below to Table 3 for a reconciliation to GAAP income from operations.
(4) This is a non-GAAP financial measure. Refer below to Table 6 for a reconciliation to GAAP cash from operations.







VONAGE HOLDINGS CORP.
TABLE 1. CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share amounts)
 
 
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(audited)
Statement of Operations Data:
 
 
 
 
 
 
 
 
 
Revenues
$
309,687

 
$
302,534

 
$
273,803

 
$
1,189,346

 
$
1,048,782

 
 
 
 
 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
 
 
 
 
Cost of revenues (excluding depreciation and amortization of $9,947, $9,658, $8,708, $38,167, and $27,754, respectively)
135,619

 
133,833

 
111,873

 
511,084

 
426,995

Sales and marketing
88,598

 
83,628

 
82,232

 
363,111

 
311,433

Engineering and development
19,142

 
16,901

 
16,635

 
69,460

 
52,139

General and administrative
39,292

 
41,306

 
37,948

 
152,672

 
135,324

Depreciation and amortization
23,061

 
21,319

 
19,094

 
86,256

 
70,980

 
305,712

 
296,987

 
267,782

 
1,182,583

 
996,871

Income from operations
3,975

 
5,547

 
6,021

 
6,763

 
51,911

Other Income (Expense):
 
 
 
 
 
 
 
 
 
Interest expense
(8,304
)
 
(8,454
)
 
(5,774
)
 
(32,821
)
 
(15,068
)
Other income (expense), net
455

 
58

 
(749
)
 
(50
)
 
(318
)
 
(7,849
)
 
(8,396
)
 
(6,523
)
 
(32,871
)
 
(15,386
)
Loss before income taxes
(3,874
)
 
(2,849
)
 
(502
)
 
(26,108
)
 
36,525

Income tax benefit (expense)
1,499

 
(18,248
)
 
(6,441
)
 
6,626

 
(797
)
 
$
(2,375
)
 
$
(21,097
)
 
$
(6,943
)
 
$
(19,482
)
 
$
35,728

(Loss) Earnings per common share:
 
 
 
 
 
 
 
 
 
Basic
$
(0.01
)
 
$
(0.09
)
 
$
(0.03
)
 
$
(0.08
)
 
$
0.15

Diluted
$
(0.01
)
 
$
(0.09
)
 
$
(0.03
)
 
$
(0.08
)
 
$
0.14

Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
242,708

 
242,336

 
239,649

 
242,018

 
237,499

Diluted
242,708

 
242,336

 
239,649

 
242,018

 
248,892









VONAGE HOLDINGS CORP.
TABLE 1. CONSOLIDATED FINANCIAL DATA - (Continued)
(Dollars in thousands, except per share amounts)

 
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(audited)
Statement of Cash Flow Data:
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
33,076

 
$
31,783

 
$
28,742

 
$
92,926

 
$
123,205

Net cash used in investing activities
(12,817
)
 
(16,809
)
 
(358,046
)
 
(52,079
)
 
(407,230
)
Net cash (used in) provided by financing activities
(15,687
)
 
(14,259
)
 
308,342

 
(21,921
)
 
258,212

Capital expenditures, intangible assets, and acquisition and development of software assets
(12,817
)
 
(13,809
)
 
(9,861
)
 
(49,079
)
 
(26,746
)

 
 
 
December 31,
 
December 31,
 
 
2019
 
2018
 
 
(unaudited)
 
(audited)
Balance Sheet Data (at period end):
 
 
 
 
Cash and cash equivalents
 
$
23,620

 
$
5,057

Restricted cash
 
2,015

 
2,047

Accounts receivable, net of allowance
 
101,813

 
75,342

Inventory, net of allowance
 
1,475

 
1,470

Prepaid expenses and other current assets
 
32,326

 
34,130

Deferred customer acquisition costs, current and non-current
 
68,982

 
49,636

Property and equipment, net
 
48,371

 
49,262

Goodwill
 
602,970

 
598,499

Operating lease right of use assets
 
50,847

 
—

Software, net
 
40,300

 
17,430

Intangible assets, net
 
249,905

 
299,911

Deferred tax assets
 
108,347

 
102,560

Other assets
 
33,729

 
24,144

Total assets
 
$
1,364,700

 
$
1,259,488

Accounts payable and accrued expenses
 
$
179,955

 
$
140,632

Deferred revenue, current and non-current
 
59,464

 
53,447

Total notes payable, net and indebtedness under revolving credit facility, including current portion
 
220,500

 
519,228

Operating lease liabilities, current and non-current
 
58,199

 
—

Convertible senior notes, net
 
276,658

 
—

Other liabilities
 
2,862

 
10,413

Total liabilities
 
$
797,638

 
$
723,720

Total stockholders' equity
 
$
567,062

 
$
535,768








VONAGE HOLDINGS CORP.
TABLE 2. SUMMARY CONSOLIDATED OPERATING DATA
(Dollars in thousands, except per line amounts)
(unaudited)
The table below includes revenues and cost of revenues that our management uses to measure the growth and operating performance of the business focused portion of our business:
 Business
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
 
   Service revenues
$
196,454

 
$
183,701

 
$
149,004

 
$
719,514

 
$
526,707

   Access and product revenues(1)
10,708

 
12,120

 
12,394

 
46,232

 
50,068

      Service, access and product revenues
207,162

 
195,821

 
161,398

 
765,746

 
576,775

   USF revenues
10,571

 
10,709

 
8,601

 
38,134

 
31,369

Total revenues
$
217,733

 
$
206,530

 
$
169,999

 
$
803,880

 
$
608,144

 
 
 
 
 
 
 
 
 
 
Cost of Revenues:
 
 
 
 
 
 
 
 
 
   Service cost of revenues(2)
$
92,549

 
$
87,352

 
$
66,179

 
$
336,045

 
$
239,096

   Access and product cost of revenues(1)
12,132

 
13,858

 
14,790

 
53,455

 
58,081

      Service, access and product cost of revenues
104,681

 
101,210

 
80,969

 
389,500

 
297,177

   USF revenues
10,571

 
10,709

 
8,601

 
38,134

 
31,374

Total cost of revenues
$
115,252

 
$
111,919

 
$
89,570

 
$
427,634

 
$
328,551

 
 
 
 
 
 
 
 
 
 
Service margin %
52.9
%
 
52.4
%
 
55.6
%
 
53.3
%
 
54.6
%
Gross margin % ex-USF (Service, access and product margin %)
49.5
%
 
48.3
%
 
49.8
%
 
49.1
%
 
48.5
%
Gross margin %
47.1
%
 
45.8
%
 
47.3
%
 
46.8
%
 
46.0
%
(1) Includes customer premise equipment, access, professional services, and shipping and handling.
(2) Excludes depreciation and amortization of $8,800, $8,492, $7,462 for the quarters ended December 31, 2019, September 30, 2019 and December 31, 2018, respectively, and $33,484 and $22,554 for the years ended December 31, 2019 and 2018, respectively.
The table below includes revenues and cost of revenues that our management uses to measure the growth and operating performance of the consumer focused portion of our business:
Consumer
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
 
   Service revenues
$
80,237

 
$
83,981

 
$
92,435

 
$
340,462

 
$
394,389

   Access and product revenues(1)
67

 
69

 
87

 
264

 
559

      Service, access and product revenues
80,304

 
84,050

 
92,522

 
340,726

 
394,948

   USF revenues
11,650

 
11,954

 
11,282

 
44,740

 
45,690

Total revenues
$
91,954

 
$
96,004

 
$
103,804

 
$
385,466

 
$
440,638

 
 
 
 
 
 
 
 
 
 
Cost of Revenues:
 
 
 
 
 
 
 
 
 
   Service cost of revenues(2)
$
7,971

 
$
8,587

 
$
10,389

 
$
34,677

 
$
47,439

   Access and product cost of revenues(1)
746

 
1,373

 
632

 
4,033

 
5,289

      Service, access and product cost of revenues
8,717

 
9,960

 
11,021

 
38,710

 
52,728

   USF revenues
11,650

 
11,954

 
11,282

 
44,740

 
45,716

Total cost of revenues
$
20,367

 
$
21,914

 
$
22,303

 
$
83,450

 
$
98,444

 
 
 
 
 
 
 
 
 
 
Service margin %
90.1
%
 
89.8
%
 
88.8
%
 
89.8
%
 
88.0
%
Gross margin % ex-USF (Service, access and product margin %)
89.1
%
 
88.1
%
 
88.1
%
 
88.6
%
 
86.6
%
Gross margin %
77.9
%
 
77.2
%
 
78.5
%
 
78.4
%
 
77.7
%
(1) Includes customer premise equipment, access, professional services, and shipping and handling.
(2) Excludes depreciation and amortization of $1,147, $1,166, $1,246 for the quarters ended December 31, 2019, September 30, 2019 and December 31, 2018, respectively, and $4,683 and $5,200 for the years ended December 31, 2019 and 2018, respectively.




The table below includes key operating data that our management uses to measure the growth and operating performance of the business focused portion of our business:

 Business
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
Service revenue per customer
$
476

 
$
451

 
$
392

 
$
447

 
$
358

Business revenue churn
1.2
%
 
1.0
%
 
1.1
%
 
1.1
%
 
1.1
%
The table below includes key operating data that our management uses to measure the growth and operating performance of the consumer focused portion of our business:
 
Consumer
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
Average monthly revenues per line
$
27.57

 
$
27.56

 
$
26.32

 
$
27.04

 
$
26.42

Subscriber lines (at period end)
1,087,819

 
1,136,112

 
1,287,649

 
1,087,819

 
1,287,649

Customer churn
1.7
%
 
1.8
%
 
1.8
%
 
1.8
%
 
1.8
%

VONAGE HOLDINGS CORP.
TABLE 3. RECONCILIATION OF GAAP INCOME FROM OPERATIONS
TO ADJUSTED OIBDA AND TO ADJUSTED OIBDA MINUS CAPEX
(Dollars in thousands)
(unaudited)
 
 
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
Income from operations
$
3,975

 
$
5,547

 
$
6,021

 
$
6,763

 
$
51,911

Depreciation and amortization
23,061

 
21,319

 
19,094

 
86,256

 
70,980

Share-based expense
13,090

 
12,941

 
9,330

 
45,242

 
33,020

Amortization of costs to implement cloud computing arrangements
680

 
411

 
—

 
1,362

 
—

Acquisition related transaction and integration costs
80

 
174

 
4,704

 
701

 
14,645

Acquisition related consideration accounted for as compensation
—

 
—

 
—

 
—

 
1,425

Organizational transformation (1)
3,347

 
3,317

 
689

 
14,533

 
4,331

Other non-recurring items (2)
115

 
1,014

 
1,341

 
3,289

 
1,742

Adjusted OIBDA
44,348

 
44,723

 
41,179

 
158,146

 
178,054

Less:
 
 
 
 
 
 
 
 
 
Capital expenditures
(4,847
)
 
(5,970
)
 
(8,345
)
 
(20,273
)
 
(19,032
)
Intangible assets
(318
)
 
—

 
—

 
(318
)
 
—

Acquisition and development of software assets
(7,652
)
 
(7,839
)
 
(1,516
)
 
(28,488
)
 
(7,714
)
Adjusted OIBDA Minus Capex
$
31,531

 
$
30,914

 
$
31,318

 
$
109,067

 
$
151,308


(1) Organizational transformation consists principally of costs in connection with exits of employees and facilities, system migration costs and certain professional related fees.

(2) Other non-recurring items principally include certain litigation charges and other non-recurring project costs.




VONAGE HOLDINGS CORP.
TABLE 4. RECONCILIATION OF GAAP NET INCOME (LOSS) TO
NET INCOME (LOSS) EXCLUDING ADJUSTMENTS
(Dollars in thousands, except per share amounts)
(unaudited) 
 
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
Net (loss) income
$
(2,375
)
 
$
(21,097
)
 
$
(6,943
)
 
$
(19,482
)
 
$
35,728

Amortization of acquisition - related intangibles
14,968

 
13,962

 
11,770

 
56,927

 
37,940

Amortization of costs to implement cloud computing arrangements
680

 
411

 
—

 
1,362

 
—

Acquisition related transaction and integration costs
80

 
174

 
4,704

 
701

 
14,645

Acquisition related consideration accounted for as compensation
—

 
—

 
—

 
—

 
1,425

Amortization of debt discount
2,996

 
2,948

 
—

 
6,431

 
—

Organizational transformation (1)
3,347

 
3,317

 
689

 
14,533

 
4,331

Other non-recurring items (2)
115

 
1,014

 
1,341

 
3,289

 
1,742

Tax effect on adjusting items
(4,659
)
 
(4,583
)
 
(370
)
 
(17,481
)
 
(15,131
)
Net income (loss) excluding adjustments
$
15,152

 
$
(3,854
)
 
$
11,191

 
$
46,280

 
$
80,680

(Loss) Earnings per common share:
 
 
 
 
 
 
 
 
 
Basic
$
(0.01
)
 
$
(0.09
)
 
$
(0.03
)
 
$
(0.08
)
 
$
0.15

Diluted
$
(0.01
)
 
$
(0.09
)
 
$
(0.03
)
 
$
(0.08
)
 
$
0.14

Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
242,708

 
242,336

 
239,649

 
242,018

 
237,499

Diluted
242,708

 
242,336

 
239,649

 
242,018

 
248,892

Earnings (Loss) per common share, excluding adjustments:
 
 
 
 
 
 
 
 
 
Basic
$
0.06

 
$
(0.02
)
 
$
0.05

 
$
0.19

 
$
0.34

Diluted
$
0.06

 
$
(0.02
)
 
$
0.04

 
$
0.19

 
$
0.32

Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
Basic
242,708

 
242,336

 
239,649

 
242,018

 
237,499

Diluted
249,624

 
242,336

 
249,208

 
250,034

 
248,892


(1) Organizational transformation consists principally of costs in connection with exits of employees and facilities, system migration costs and certain professional related fees.

(2) Other non-recurring items principally include certain litigation charges and other non-recurring project costs.








VONAGE HOLDINGS CORP.
TABLE 5. RECONCILIATIONS OF REVENUES, BUSINESS SEGMENT - GAAP REVENUES AND SERVICE REVENUES TO ADJUSTED REVENUES, BUSINESS SEGMENT - ADJUSTED REVENUES, ADJUSTED SERVICE REVENUES, ADJUSTED APPLICATIONS GROUP SERVICE REVENUES AND ADJUSTED API PLATFORM GROUP SERVICE REVENUES
(Dollars in thousands)
(unaudited)
 
 
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
Revenues
$
309,687

 
$
302,534

 
$
273,803

 
$
1,189,346

 
$
1,048,782

Deferred revenue adjustment from acquired companies
—

 
760

 
2,173

 
4,915

 
2,173

Revenue from acquired companies (prior to acquisition) less revenue from divested businesses
—

 
—

 
6,102

 
—

 
63,191

Outage credits and significant one-time items
—

 
—

 
1,500

 
(440
)
 
2,433

Adjusted revenues
$
309,687

 
$
303,294

 
$
283,578

 
$
1,193,821

 
$
1,116,579

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business total revenues
$
217,733

 
$
206,530

 
$
169,999

 
$
803,880

 
$
608,144

Deferred revenue adjustment from acquired companies
—

 
760

 
2,173

 
4,915

 
2,173

Revenue from acquired companies (prior to acquisition) less revenue from divested businesses
—

 
—

 
6,102

 
—

 
63,191

Outage credits and significant one-time items
—

 
—

 
1,500

 
(440
)
 
2,433

Adjusted business total revenues
$
217,733

 
$
207,290

 
$
179,774

 
$
808,355

 
$
675,941

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business service revenues
$
196,454

 
$
183,701

 
$
149,004

 
$
719,514

 
$
526,707

Deferred revenue adjustment from acquired companies
—

 
760

 
2,173

 
4,915

 
2,173

Revenue from acquired companies (prior to acquisition) less revenue from divested businesses
—

 
—

 
6,083

 
—

 
62,859

Outage credits and significant one-time items
—

 
—

 
1,500

 
(440
)
 
2,433

Adjusted business service revenues
$
196,454

 
$
184,461

 
$
158,760

 
$
723,989

 
$
594,172

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business service revenues
$
196,454

 
$
183,701

 
$
149,004

 
$
719,514

 
$
526,707

Less: API Platform Group service revenue
89,665

 
80,331

 
59,820

 
307,941

 
209,232

Applications Group service revenue
106,789

 
103,370

 
89,184

 
411,573

 
317,475

Deferred revenue adjustment from acquired companies
—

 
760

 
2,173

 
4,915

 
2,173

Revenue from acquired companies (prior to acquisition) less revenue from divested businesses
—

 
—

 
6,087

 
—

 
56,892

Outage credits and significant one-time items
—

 
—

 
1,500

 
(440
)
 
2,433

Adjusted Applications Group service revenues
$
106,789

 
$
104,130

 
$
98,944

 
$
416,048

 
$
378,973

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business service revenues
$
196,454

 
$
183,701

 
$
149,004

 
$
719,514

 
$
526,707

Less: Applications Group service revenue
106,789

 
103,370

 
89,184

 
411,573

 
317,475

API Platform Group service revenue
89,665

 
80,331

 
59,820

 
307,941

 
209,232

Revenue from acquired companies prior to acquisition
—

 
—

 
(4
)
 
—

 
5,967

Adjusted API Platform Group service revenues
$
89,665

 
$
80,331

 
$
59,816

 
$
307,941

 
$
215,199






VONAGE HOLDINGS CORP.
TABLE 6. FREE CASH FLOW
(Dollars in thousands)
(unaudited)
 
 
Three Months Ended
 
For the Years Ended
 
December 31,
 
September 30,
 
December 31,
 
December 31,
 
2019
 
2019
 
2018
 
2019
 
2018
Net cash provided by operating activities
$
33,076

 
$
31,783

 
$
28,742

 
$
92,926

 
$
123,205

Less:
 
 
 
 
 
 
 
 
 
Capital expenditures
(4,847
)
 
(5,970
)
 
(8,345
)
 
(20,273
)
 
(19,032
)
Intangible assets
(318
)
 
—

 
—

 
(318
)
 
—

Acquisition and development of software assets
(7,652
)
 
(7,839
)
 
(1,516
)
 
(28,488
)
 
(7,714
)
Free cash flow
$
20,259

 
$
17,974

 
$
18,881

 
$
43,847

 
$
96,459




VONAGE HOLDINGS CORP.
TABLE 7. RECONCILIATION OF NOTES PAYABLE, INDEBTEDNESS UNDER REVOLVING CREDIT FACILITY, AND CAPITAL LEASES TO NET DEBT
(Dollars in thousands)
(unaudited)
 
 
 
December 31,
 
December 31,
 
 
2019
 
2018
 
 
 
 
 
Current portion of notes payable
 
—

 
10,000

Convertible senior notes, net
 
276,658

 
—

Notes payable and indebtedness under revolving credit facility, net of current maturities
 
220,500

 
509,228

Unamortized debt related costs
 
7,108

 
772

Unamortized discount on debt
 
61,234

 
—

Gross debt
 
565,500

 
520,000

Less:
 
 
 
 
Unrestricted cash
 
23,620

 
5,057

Net debt
 
$
541,880

 
$
514,943






Use of Non-GAAP Financial Measures
This press release includes measures defined as non-GAAP financial measures by Regulation G adopted by the Securities and Exchange Commission, including: adjusted Operating Income Before Depreciation and Amortization (“adjusted OIBDA”), adjusted OIBDA less Capex, adjusted net income, adjusted business total revenue, adjusted business service revenue, constant currency, net debt (cash), and free cash flow.
Adjusted OIBDA
Vonage uses adjusted OIBDA as a principal indicator of the operating performance of its business.
Vonage defines adjusted OIBDA as GAAP income (loss) from operations excluding depreciation and amortization, share-based expense, amortization of costs to implement cloud computing arrangements, acquisition related transaction and integration costs, acquisition related consideration accounted for as compensation, organizational transformation costs and other non-recurring items.
Vonage believes that adjusted OIBDA permits a comparative assessment of its operating performance, relative to its performance based on its GAAP results, while isolating the effects of depreciation and amortization, which may vary from period to period without any correlation to underlying operating performance; of share-based expense, which is a non-cash expense that also varies from period to period; of one-time acquisition related transaction and integration costs, acquisition related consideration accounted for as compensation, organizational transformation costs and other non-recurring items. Organizational transformation consists principally of costs in connection with exits of employees and facilities, system migration costs and certain professional related fees. Other non-recurring items principally include certain litigation charges and other non-recurring project costs.
The Company provides information relating to its adjusted OIBDA so that investors have the same data that the Company employs in assessing its overall operations. The Company believes that trends in its Adjusted OIBDA are valuable indicators of the operating performance of the Company on a consolidated basis.
The Company does not reconcile its forward-looking adjusted OIBDA to the corresponding GAAP measure of income from operations due to the significant variability and difficulty in making accurate forecasts with respect to the various expenses we exclude, as they may be significantly impacted by future events the timing and nature of which are difficult to predict or are not within the control of management.  As such, the Company has determined that reconciliations of this forward-looking non-GAAP financial measure to the corresponding GAAP measure is not available without unreasonable effort.
Adjusted OIBDA less Capex
Vonage uses adjusted OIBDA less Capex as an indicator of the operating performance of its business. The Company provides information relating to its adjusted OIBDA less Capex so that investors have the same data that the Company employs in assessing its overall operations. The Company believes that trends in its Adjusted OIBDA less Capex are valuable indicators of the operating performance of the Company on a consolidated basis because they provide our investors with insight into current performance and period-to-period performance.
Adjusted net income
Vonage defines adjusted net income, as GAAP net income (loss) excluding amortization of acquisition-related intangible assets, amortization of costs to implement cloud computing arrangements, acquisition related transaction and integration costs, acquisition related consideration accounted for as compensation, amortization of debt discount, organizational transformation costs, other non-recurring items and tax effect on adjusting items.




The Company believes that excluding these items will assist investors in evaluating the Company's operating performance and in better understanding its results of operations as amortization of acquisition-related intangible assets is a non-cash item, one-time acquisition related transaction and integration costs, acquisition related consideration accounted for as compensation, organizational transformation, other non-recurring items, loss on sublease and tax effect on adjusting items are not reflective of operating performance. Organizational transformation consists principally of costs in connection with exits of employees and facilities, system migration costs and certain related professional fees. Other non-recurring items principally include certain litigation charges and other non-recurring project costs.
Constant Currency
Vonage reviews its results of operations on both an as reported and on a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to our prior period reported results.
Net debt (cash)
Vonage defines net debt (cash) as the current maturities of capital lease obligations, current portion of notes payable, notes payable and indebtedness under revolving credit facility, net of current maturities and debt related costs, and capital lease obligations, net of current maturities, less unrestricted cash and marketable securities.
Vonage uses net debt (cash) as a measure of assessing leverage, as it reflects the gross debt under the Company's credit agreements and capital leases less cash available to repay such amounts. The Company believes that net cash is also a factor that first parties consider in valuing the Company.
Free cash flow
Vonage defines free cash flow as net cash provided by operating activities minus capital expenditures, purchase of intangible assets, and acquisition and development of software assets.
Vonage considers free cash flow to be a liquidity measure that provides useful information to management about the amount of cash generated by the business that, after the acquisition of equipment and software, can be used by Vonage for debt service and strategic opportunities. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure.
The non-GAAP financial measures used by Vonage may not be directly comparable to similarly titled measures reported by other companies due to differences in accounting policies and items excluded or included in the adjustments, which limits its usefulness as a comparative measure. These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.
Adjusted revenues, adjusted business total revenue and Adjusted business service revenue
Vonage defines adjusted revenues, adjusted business total revenue and adjusted business service revenues as revenues, business segment revenue and business segment service revenues to give effect for acquisition-related activities and other one-time items.

The Company does not reconcile its forward-looking adjusted business total revenue and adjusted business service revenue to the corresponding GAAP measures due to the significant variability and difficulty in making accurate forecasts with respect to the various acquisition-related and one-time events that we exclude, as they may be significantly impacted by future events the timing and nature of which are difficult to predict or are not within the control of management.  As such, the Company has determined that reconciliations of these forward-looking non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.




Safe Harbor Statement
This press release contains forward-looking statements, including statements about the outcome and timing of the strategic review of consumer and operational review, including whether or not the reviews result in a transaction and if so the nature and timing of any such transaction, our business transformation, financing activity, growth priorities or plans, revenues, adjusted OIBDA, churn, seats, lines or accounts, average revenue per customer, cost of communications services, capital expenditures, new products and related investment, and other statements that are not historical facts or information, that constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. In addition, other statements in this press release that are not historical facts or information may be forward-looking statements. The forward-looking statements in this release are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve risks and uncertainties that could cause actual results and outcomes to be materially different. Important factors that could cause such differences include, but are not limited to: the competition we face; the expansion of competition in the cloud communications market; risks related to the acquisition or integration of businesses we have acquired; our ability to adapt to rapid changes in the cloud communications market; the nascent state of the cloud communications for business market; our ability to retain customers and attract new customers cost-effectively; developing and maintaining market awareness and a strong brand; developing and maintaining effective distribution channels; security breaches and other compromises of information security; risks associated with sales of our services to medium-sized and enterprise customers; our reliance on third-party hardware and software; our dependence on third-party vendors; system disruptions or flaws in our technology and systems; our ability to comply with data privacy and related regulatory matters; our ability to scale our business and grow efficiently; the impact of fluctuations in economic conditions, particularly on our small and medium business customers; the effects of significant foreign currency fluctuations; our ability to obtain or maintain relevant intellectual property licenses or to protect our trademarks and internally developed software; fraudulent use of our name or services; restrictions in our debt agreements that may limit our operating flexibility; our ability to obtain additional financing if required; retaining senior executives and other key employees; intellectual property and other litigation that have been and may be brought against us; rapid developments in global API regulation and uncertainties relating to regulation of VoIP services; risks associated with legislative, regulatory or judicial actions regarding our business products; reliance on third parties for our 911 services; liability under anti-corruption laws or from governmental export controls or economic sanctions; actions of activist shareholders; risks associated with the taxation of our business; governmental regulation and taxes in our international operations; our history of net losses and ability to achieve consistent profitability in the future; our ability to fully realize the benefits of our net operating loss carry-forwards if an ownership change occurs; risks associated with the settlement and conditional conversion of our Convertible Senior Notes; potential effects the capped call transactions may have on our stock in connection with our Convertible Senior Notes; certain provisions of our charter documents; and other factors that are set forth in the “Risk Factors” in our Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q filed with the SEC. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as required by law, and therefore, you should not rely on these forward-looking statements as representing the Company's views as of any date subsequent to today.
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Cover page.  
Document Type 8-K
Document Period End Date Feb. 18, 2020
Entity Registrant Name VONAGE HOLDINGS CORP
Entity Incorporation, State or Country Code DE
Entity File Number 001-32887
Entity Tax Identification Number 11-3547680
Entity Address, Address Line One 23 Main Street
Entity Address, City or Town Holmdel
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07733
City Area Code 732
Local Phone Number 528-2600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, par value $0.001
Trading Symbol VG
Security Exchange Name NASDAQ
Entity Central Index Key 0001272830
Amendment Flag false
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