Vonage 2010 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2010 Vonage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 97

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97

REP
O
RT
O
F INDEPENDENT RE
G
I
S
TERED P
U
BLI
C
ACCOUNTING FIRM
Board of Directors and
S
tockholder
s
Vonage Holdings
C
orp.
H
o
l
m
d
e
l
,
N
ew
J
erse
y
We have audited the accompanying consolidated balance sheets of Vonage Holdings
C
orp. as of December 31, 2010
and 2009, and the related consolidated statements of operations, stockholders’ deficit and cash flows for each of the thre
e
y
ears in the period ended December 31, 2010. These financial statements are the responsibilit
y
of the
C
ompan
y
’s
management.
O
ur responsibility is to express an opinion on these financial statements based on our audits
.
We conducted our audits in accordance with the standards of the Public
C
ompany Accounting
O
versight Boar
d
(
United
S
tates
)
. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
t
he financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidenc
e
s
upporting the amounts and disclosures in the financial statements, assessing the accounting principles used and sig
-
nificant estimates made by management, as well as evaluating the overall financial statement presentation. We believe tha
t
our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairl
y
, in all material respects, the finan
-
cial position of Vonage Holdings
C
orp. as of December 31, 2010 and 2009, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2010, in conformity with accounting principles gen
-
erall
y
accepted in the United
S
tates of America
.
We also have audited, in accordance with the standards of the Public
C
ompany Accountin
gO
versi
g
ht Board
(
United
S
tates
)
, Vona
g
e Holdin
g
s
C
orp.’s internal control over financial reportin
g
as of December 31, 2010, based on criteria estab
-
l
i
s
h
ed
in Internal
C
ontrol – Inte
g
rated Framewor
k
i
ssued by the
C
ommittee of
S
ponsorin
gO
r
g
anizations of the Treadway
C
ommission and our report dated February 16, 2011 expressed an unqualified opinion thereon
.
/s/ BDO USA
,
LLP
W
oo
db
r
id
ge,
N
ew
J
erse
y
Februar
y
16, 201
1
F
-
2
VO
NA
G
E ANN
U
AL REP
O
RT 2010