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Vonage Holdings Corp. Reports Fourth Quarter and Full Year 2010 Results

HOLMDEL, N.J. Feb. 15, 2011 December 31, 2010

Fourth Quarter 2010

$41 million $35 million $34 million $218 million $214 $224 million $26 million $20 million $19 million

As announced in January, the Company added nearly 6,000 net lines in the fourth quarter, the first quarter of positive net line additions in more than two years.  The Company finished the year with 2.4 million lines in service.  Churn was 2.4%, flat sequentially and down from 2.8% in the year ago quarter driven by customer mix and improvements in the end-to-end customer experience.  

$15 million $0.07 $8 million $0.04 $5 million $0.03 $58 million $42 million $0.19 $55 million $0.26 $60 million $4 million $0.02

Marc Lefar $154 million

the United States

"Following our successful debt restructuring in the quarter, we now have a healthy balance sheet to add to the strong cash flow, improved customer loyalty and recent growth in subscribers.  We are encouraged by our progress and look forward to continuing success in 2011."  

$30.20 $29.72 $30.54 $29.78 $29.45 $29.84

$58 million $60 million $8.06 $8.36 $7.96

$12 million $13 million $17 million

$59 million $63 million

$100 million $95 million $99 million $13.93 $13.25 $13.50

$50 million $49 million $53 million $301 $302 $281

Balance Sheet and Cash Flow

December 2010 $200 million

December 31, 2010 $79 million $8 million $11 million $43 million

$16 million

Full Year 2010

$156 million $37 million $95 million $38 million

$873 million $885 million $889 million $30.48 $29.49

$47 million $0.22 $3 million $0.02 $84 million $0.40 $118 million $12 million $43 million $0.25

$194 million $40 million $154 million

Management Reaffirms 2011 Outlook

Vonage reaffirmed the following financial and operating guidance:

  • Higher gross line additions in 2011 than 2010, and positive net lines for the year
  • Monthly churn of approximately 2.4% for the year  
  • Our growth initiatives are expected to begin to meaningfully impact revenue beginning in the second half of the year
  • $156 million
  • $40-45 million

  1. This is a non-GAAP financial measure.  Refer below to Table 3 for a reconciliation to GAAP income from operations.
  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 6 for a reconciliation to GAAP cash provided by operating activities.
  4. Direct margin is defined as operating revenues less direct cost of telephony services and direct cost of goods sold as a percentage of revenues.

VONAGE HOLDINGS CORP.

TABLE 1. CONSOLIDATED FINANCIAL DATA

(Dollars in thousands, except per share amounts)

Three Months Ended

For the Years Ended

December 31,

December 31,

2010

2009

2010

2009

 (Unaudited) 

Statement of Operations Data:

Operating Revenues:

Telephony services

$ 214,568

$ 218,411

$         872,934

$         864,848

Customer equipment and shipping

3,056

5,131

12,108

24,232

217,624

223,542

885,042

889,080

Operating Expenses:

Direct cost of telephony services (excluding depreciation and

amortization of  $4,428, $4,941, $18,725 and $18,958, respectively)

         58,067

    58,278

        243,794

         213,553

Direct cost of goods sold

12,051

17,070

55,965

71,488

Selling, general and administrative

58,523

62,891

238,986

265,456

Marketing

50,352

52,758

198,170

227,990

Depreciation and amortization

12,727

13,766

53,073

53,391

191,720

204,763

789,988

831,878

Income from operations

25,904

18,779

95,054

57,202

Other income (expense):

Interest income

139

49

519

277

Interest expense

(11,338)

(13,281)

(48,541)

(54,192)

(Loss) gain on extinguishment of notes

(26,531)

225

(31,023)

4,041

Change in fair value of embedded features within notes payable and stock warrant

(29,782)

(1,055)

(99,338)

(49,933)

Other, net

(59)

22

(18)

843

(67,571)

(14,040)

(178,401)

(98,964)

Income (loss) before income tax expense

(41,667)

4,739

(83,347)

(41,762)

Income tax expense

(22)

(338)

(318)

(836)

Net income (loss)

$ (41,689)

$     4,401

$         (83,665)

$         (42,598)

Net income (loss) per common share:

Basic

$     (0.19)

$       0.02

$             (0.40)

$             (0.25)

Diluted

$       (0.19)

$       0.02

$             (0.40)

$             (0.25)

Weighted-average common shares outstanding:

Basic

214,586

199,503

209,868

170,314

Diluted

214,586

203,376

209,868

170,314

VONAGE HOLDINGS CORP.

TABLE 1. SUMMARY CONSOLIDATED FINANCIAL DATA — (Continued)

(Dollars in thousands, except per share amounts)

Three Months Ended

For the Years Ended

December 31,

December 31,

2010

2009

2010

2009

(unaudited)

Statement of Cash Flow Data:

Net cash provided by operating activities

$    18,858

$  21,736

$          194,212

$            38,396

Net cash provided by (used in) investing activities

24,735

(26,892)

(4,686)

(50,565)

Net cash used in financing activities

(101,672)

(665)

(143,762)

(3,253)

Capital expenditures, intangible asset purchases and

development of software assets

(15,774)

(23,393)

(40,386)

(46,628)

December 31,

December 31,

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