Vonage's First Quarter 2019 Results Powered by 31% Vonage Business GAAP Revenue Growth

May 08, 2019

HOLMDEL, N.J., May 8, 2019 /PRNewswire/ -- Vonage Holdings Corp. (NYSE: VG), a global business cloud communications leader, today announced results for the quarter ended March 31, 2019.

"The first quarter reflects a solid start to the year, and I am proud of our team's performance across several major initiatives. The execution of our strategy continues to improve, and Vonage is well positioned to deliver on our growth objectives for 2019 and beyond," said Alan Masarek, Chief Executive Officer.

Mr. Masarek continued, "Our OneVonage programmable platform is resonating well with customers, and it enables us to serve the total addressable market across unified communications, contact center, and programmable APIs. By delivering these products with our own technology through an integrated platform, Vonage is capitalizing on the global demand trends for cloud communications, which we believe will drive attractive growth for years to come."

First Quarter Business Segment Results

  • Vonage Business Revenues were $180 million, representing 64% of consolidated revenues and 31% GAAP growth.
  • Business Service Revenues were $159 million, for 37% GAAP growth.
    • Adjusted to include acquisitions for all periods and other one-time items, Vonage Business Service Revenues increased 20% year-over-year(1) or 23% in constant currency.
    • Applications Service Revenues grew 34% as reported and 13% adjusted or 13% adjusted, constant currency.
    • API Platform Revenues (which are all service revenues) grew 43% as reported and 34% adjusted or 42% adjusted, constant currency.
  • Business Service Revenue Per Customer was $408, up 24% from the year-ago quarter.
  • Business Service Revenue Churn was 1.2%, stable compared to the year-ago quarter.

First Quarter Consumer Segment Results

  • Consumer Revenues were $100 million, down 15% year-over-year, as planned.
  • Customer churn was 1.9%, flat compared to the year-ago quarter.
  • Average revenue per line ("ARPU") was $26.43, an increase of $0.15 compared to the year-ago quarter.
  • Ended the first quarter of 2019 with approximately 1.2 million Consumer subscriber lines.

Consolidated Income and Balance Sheet

For the first quarter of 2019, Vonage reported consolidated revenues of $280 million, up from $254 million in the year-ago quarter. Loss from operations was $3 million, versus income from operations of $18 million in the year-ago quarter. Operating Income was primarily impacted by the acquisitions of TokBox and NewVoiceMedia, which drove higher operating expense, depreciation and amortization and interest expense. GAAP net loss was $1 million, or $0.00 per share, down from net income of $25 million in the year-ago period, or $0.11 per share. First quarter adjusted net income(2) was $15 million or $0.06 per share, down from $31 million or $0.13 per share in the year-ago period.

For the first quarter, the Company generated Adjusted Operating Income Before Depreciation and Amortization ("Adjusted OIBDA")(3) of $32 million, and Adjusted OIBDA minus Capex(3) of $21 million. Net Cash from Operations was $3 million and Free Cash Flow(4) was $(8 million) for the quarter. This resulted in a net debt to Last Twelve Months Adjusted OIBDA ratio of 3.2 times, as of March 31, 2019.

Guidance

For the second quarter of 2019, Vonage expects the following:

  • Vonage Business Revenues in the range of $194 million to $196 million.
  • Consumer Revenues in the range of $96 million to $97 million.
  • Consolidated Adjusted OIBDA in the range of $35 million to $37 million, including approximately $2 million of deferred revenue write-down from the acquisition of NewVoiceMedia.

There is no change to the Company's full-year 2019 guidance.

Conference Call and Webcast

The company will host a conference call to discuss its financial results for the first quarter of 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 10130875.

(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.

(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


March 31,


December 31,


March 31,


2019


2018


2018


(unaudited)


(unaudited)


(unaudited)

Statement of Operations Data:






Revenues

$

279,541



$

273,803



$

253,573








Operating Expenses:






Cost of revenues (excluding depreciation and amortization of $9,418, $8,708, and $6,434,
respectively)

113,411



111,873



103,567


Sales and marketing

95,523



82,232



77,136


Engineering and development

16,526



16,635



10,820


General and administrative

35,459



37,948



27,582


Depreciation and amortization

21,214



19,094



16,800



282,133



267,782



235,905


(Loss)/Income from operations

(2,592)



6,021



17,668


Other Income (Expense):






Interest expense

(7,576)



(5,774)



(3,161)


Other income (expense), net

(416)



(749)



(253)



(7,992)



(6,523)



(3,414)


(Loss)/Income before income tax benefit/(expense)

(10,584)



(502)



14,254


Income tax benefit/(expense)

10,050



(6,441)



10,270


Net (loss)/income

$

(534)



$

(6,943)



$

24,524


(Loss)/Earning per common share:






Basic

$



$

(0.03)



$

0.11


Diluted

$



$

(0.03)



$

0.10


Weighted-average common shares outstanding:






Basic

240,527



239,649



233,034


Diluted

240,527



239,649



248,481


 

 

VONAGE HOLDINGS CORP.

TABLE 1. CONSOLIDATED FINANCIAL DATA - (Continued)

(Dollars in thousands, except per share amounts)






Three Months Ended


March 31,


December 31,


March 31,


2019


2018


2018


(unaudited)


(unaudited)


(unaudited)

Statement of Cash Flow Data:






Net cash provided by operating activities

$

2,750



$

28,742


$

23,468

Net cash used in investing activities

(10,774)



(358.046)


(6,397)

Net cash provided by (used in) financing activities

20,786



308.342


(25,062)

Capital expenditures and acquisition and development of software assets

(10,774)



(9.861)


(6,397)





















March 31,


December 31,







2019


2018







(unaudited)


(audited)


Balance Sheet Data (at period end):









Cash and cash equivalents






$

18,254



$

5,057


Restricted cash






1,872



2,047


Accounts receivable, net of allowance






73,375



75,342


Inventory, net of allowance






1,322



1,470


Prepaid expenses and other current assets






34,010



34,130


Deferred customer acquisition costs, current and non-current






54,565



49,636


Property and equipment, net






48,776



49,262


Goodwill






602,301



598,499


Operating lease right of use assets






53,042




Software, net






21,001



17,430


Intangible assets, net






287,800



299,911


Deferred tax assets






113,642



102,560


Other assets






25,759



24,144


Total assets






$

1,335,719



$

1,259,488


Accounts payable and accrued expenses






$

129,747



$

140,632


Operating lease liabilities, current and non-current






60,891




Deferred revenue, current and non-current






53,628



53,447


Total notes payable, net of debt related costs and indebtedness under revolving credit facility, including current
portion






558,265



519,228


Other liabilities






3,046



10,413


Total liabilities






$

805,577



$

723,720


Total stockholders' equity






$

530,142



$

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


March 31,


December 31,


March 31,


2019


2018


2018

Revenues:






   Service revenues

$

159,345



$

149,004



$

116,302


   Access and product revenues(1)

11,697



12,394



12,531


      Service, access and product revenues

171,042



161,398



128,833


   USF revenues

8,555



8,601



7,835


Total revenues

$

179,597



$

169,999



$

136,668








Cost of Revenues:






   Service cost of revenues(2)

$

69,854



$

66,179



$

52,982


   Access and product cost of revenues(1)

13,871



14,790



14,491


      Service, access and product cost of revenues

83,725



80,969



67,473


   USF revenues

8,555



8,601



7,840


Total cost of revenues

$

92,280



$

89,570



$

75,313








Service margin %

56.2

%


55.6

%


54.4

%

Gross margin % ex-USF (Service, access and product margin %)

51.1

%


49.8

%


47.6

%

Gross margin %

48.6

%


47.3

%


44.9

%










(1) Includes customer premise equipment, access, professional services, and shipping and handling.


(2) Excludes depreciation and amortization of $8,214, $7,462, and $4,973 for the quarters ended March 31, 2019,  December 31, 2018 and March 31, 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


March 31,


December 31,


March 31,


2019


2018


2018

Revenues:






   Service revenues

$

89,000



$

92,435



$

104,394


   Access and product revenues(1)

68



87



91


      Service, access and product revenues

89,068



92,522



104,485


   USF revenues

10,876



11,282



12,420


Total revenues

$

99,944



$

103,804



$

116,905








Cost of Revenues:






   Service cost of revenues(2)

$

9,258



$

10,389



$

14,014


   Access and product cost of revenues(1)

997



632



1,794


      Service, access and product cost of revenues

10,255



11,021



15,808


   USF revenues

10,876



11,282



12,446


Total cost of revenues

$

21,131



$

22,303



$

28,254








Service margin %

89.6

%


88.8

%


86.6

%

Gross margin % ex-USF (Service, access and product margin %)

88.5

%


88.1

%


84.9

%

Gross margin %

78.9

%


78.5

%


75.8

%










(1) Includes customer premise equipment, access, professional services, and shipping and handling.

(2) Excludes depreciation and amortization of $1,204, $1,246, $1,461 for the quarters ended March 31, 2019, December 31, 2018 and March 31, 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


March 31,


December 31,


March 31,


2019


2018


2018

Service revenue per customer

$

408



$

392



$

328


Business revenue churn

1.2

%


1.1

%


1.2

%

 

 


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


March 31,


December 31,


March 31,


2019


2018


2018

Average monthly revenues per line

$

26.43



$

26.32



$

26.58


Subscriber lines (at period end)

1,232,857



1,287,649



1,439,669


Customer churn

1.9

%


1.8

%


1.9

%

 

 

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


March 31,


December 31,


March 31,


2019


2018


2018

Income from operations

$

(2,592)



$

6,021



$

17,668


Depreciation and amortization

21,214



19,094



16,800


Amortization of costs to implement cloud computing arrangements

125






Share-based expense

7,940



9,330



6,709


Acquisition related transaction and integration costs

191



4,704




Acquisition related consideration accounted for as compensation





827


Organizational transformation

4,658



2,030



109


Adjusted OIBDA

31,536



41,179



42,113


Less:






Capital expenditures

(5,277)



(8,345)



(3,250)


Acquisition and development of software assets

(5,497)



(1,516)



(3,147)


Adjusted OIBDA Minus Capex

$

20,762



$

31,318



$

35,716


 

 

VONAGE HOLDINGS CORP.

TABLE 4. RECONCILIATION OF GAAP NET INCOME TO

NET INCOME EXCLUDING ADJUSTMENTS

(Dollars in thousands, except per share amounts)

(unaudited)






Three Months Ended


March 31,


December 31,


March 31,


2019


2018


2018

Net (loss) income

$

(534)



$

(6,943)



$

24,524


Amortization of acquisition - related intangibles

14,179



11,770



8,830


Amortization of costs to implement cloud computing arrangements

125






Acquisition related transaction and integration costs

191



4,704




Acquisition related consideration accounted for as compensation





827


Organizational transformation

4,658



2,030



109


Tax effect on adjusting items

(4,022)



(370)



(3,301)


Net income excluding adjustments

$

14,597



$

11,191



$

30,989


Earnings (loss) per common share:






Basic

$



$

(0.03)



$

0.11


Diluted

$



$

(0.03)



$

0.10


Weighted-average common shares outstanding:






Basic

240,527



239,649



233,034


Diluted

240,527



239,649



248,481


Earnings per common share, excluding adjustments:






Basic

$

0.06



$

0.05



$

0.13


Diluted

$

0.06



$

0.04



$

0.12


Weighted-average common shares outstanding:






Basic

240,527



239,649



233,034


Diluted

246,346



249,208



248,481


 

 

VONAGE HOLDINGS CORP.

TABLE 5. RECONCILIATION OF BUSINESS SEGMENT - GAAP REVENUES AND SERVICE REVENUES

TO BUSINESS SEGMENT - ADJUSTED REVENUES, ADJUSTED SERVICE REVENUES, ADJUSTED APPLICATION

SERVICE REVENUES AND ADJUSTED API PLATFORM SERVICE REVENUES

(Dollars in thousands)

(unaudited)





Three Months Ended


March 31,


December 31,


March 31,


2019


2018


2018







Business total revenues

$

179,597



$

169,999



$

136,668


Deferred revenue adjustment from acquired companies

2,499



2,173




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



6,102



18,764


Outage credits and significant one-time items



1,500




Adjusted business total revenues

$

182,096



$

179,774



$

155,432








Business service revenues

$

159,345



$

149,004



$

116,302


Deferred revenue adjustment from acquired companies

2,499



2,173




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



6,083



18,622


Outage credits and significant one-time items



1,500




Adjusted business service revenues

$

161,844



$

158,760



$

134,924














Business service revenues

$

159,345



$

149,004



$

116,302


Less: API Platform service revenue

59,863



59,831



41,987


Application service revenue

99,482



89,173



74,315


Deferred revenue adjustment from acquired companies

2,499



2,173




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



6,083



16,030


Outage credits and significant one-time items



1,500




Adjusted application service revenues

$

101,981



$

98,929



$

90,345














Business service revenues

$

159,345



$

149,004



$

116,302


Less: Application service revenue

99,482



89,173



74,315


API Platform service revenue

59,863



59,831



41,987


Revenue from acquired companies prior to acquisition





2,592


Adjusted API platform service revenues

$

59,863



$

59,831



$

44,579


 

 

VONAGE HOLDINGS CORP.

TABLE 6. FREE CASH FLOW

(Dollars in thousands)

(unaudited)





Three Months Ended


March 31,


December 31,


March 31,


2019


2018


2018

Net cash provided by operating activities

$

2,750



$

28,742



$

23,468


Less:






Capital expenditures

(5,277)



(8,345)



(3,250)


Acquisition and development of software assets

(5,497)



(1,516)



(3,147)


Free cash flow

$

(8,024)



$

18,881



$

17,071


 

 

VONAGE HOLDINGS CORP.

TABLE 7. RECONCILIATION OF NOTES PAYABLE, INDEBTEDNESS UNDER REVOLVING CREDIT

FACILITY, AND CAPITAL LEASES TO NET DEBT

(Dollars in thousands)

(unaudited)









March 31,


December 31,



2019


2018






Current portion of notes payable


10,000



10,000


Notes payable and indebtedness under revolving credit facility, net of current maturities and debt related costs


548,265



509,228


Unamortized debt related costs


735



772


Gross debt


559,000



520,000


Less:





Unrestricted cash


18,254



5,057


Net debt


$

540,746



$

514,943












 

About Vonage

Vonage is redefining business communications, helping enterprises use fully-integrated unified communications, contact center, and programmable communications solutions via Nexmo, the Vonage API Platform, to improve how business gets done. True to our roots as a technology disruptor, we've embraced technology to transform how companies connect, collaborate and communicate to create better business outcomes. Vonage's fully-integrated cloud communications platform built on a microservices-based architecture enables businesses to collaborate more productively and engage their customers more effectively across all channels, including messaging, chat, social media, video and voice.

Vonage Holdings Corp. is headquartered in Holmdel, New Jersey, with offices throughout the United States, Europe, the Middle East and Asia. Vonage® is a registered trademark of Vonage Marketing LLC, owned by Vonage America Inc.

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, acquisition related transaction and integration costs, change in contingent consideration, acquisition related consideration accounted for as compensation, organizational transformation costs and loss on sublease.

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 and change in contingent consideration, organizational transformation costs and loss on sublease.

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, acquisition related transaction and integration costs, change in contingent consideration, acquisition related consideration accounted for as compensation, organizational transformation costs, loss on sublease 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, change in contingent consideration, acquisition related consideration accounted for as compensation, loss on sublease and tax effect on adjusting items are not reflective of operating performance.

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 business total revenue and Adjusted business service revenue

Vonage defines adjusted business total revenue and adjusted business service revenues as 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 acquisitions, acquisition integration, financing activity, growth priorities or plans, revenues, adjusted OIBDA, churn, seats, lines or accounts, average revenue per user, cost of telephony 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; the risk associated with developing and maintaining effective internal sales teams and 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 facilities, equipment, systems and services; 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; our dependence on third party vendors; the impact of fluctuations in economic conditions, particularly on our small and medium business customers; our ability to obtain or maintain relevant intellectual property licenses or to protect our trademarks and internally developed software; restrictions in our debt agreements that may limit our operating flexibility; our ability to obtain additional financing if required; fraudulent use of our name or services; intellectual property and other litigation that have been and may be brought against us; reliance on third parties for our 911 services; uncertainties relating to regulation of business services; risks associated with legislative, regulatory or judicial actions regarding our business products; risks associated with operating abroad; risks associated with the taxation of our business; governmental regulation and taxes in our international operations; liability under anti-corruption laws or from governmental export controls or economic sanctions; our dependence on our customers' unimpeded access to broadband connections; foreign currency exchange risk; 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; 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 for the year ended December 31, 2018 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.

(vg-f)

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SOURCE Vonage Holdings Corp.

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