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F-20 VONAGE ANNUAL REPORT 2013
As of December 31, 2013, we had NOLs for United States federal and state tax purposes of $715,524 and $251,627, respectively,
expiring at various times from years ending 2014 through 2033 as follows:
Federal State
2014 $—$
17,968
2015 — 5,745
2016 — 6,244
2017 — 12,361
2018 — 4,484
2019 —14
2020 — 8,200
2021 963 9,862
2022 30 20,963
2023 1 12,565
2024 494 1,882
2025 157,020 9,071
2026 190,275 23,974
2027 232,525 45,652
2028 30,871 13,733
2029 4,664 4,993
2030 96,056 46,098
2031 1,908 7,101
2032 ——
2033 717 717
Total $ 715,524 $251,627
United States federal and state NOLs of $5,328 represent
excess tax benefits from the exercise of share based awards which will
be recorded in additional paid-in capital when realized. In addition, we
had NOLs for Canadian tax purposes of $14,171 expiring in 2027. We
also had NOLs for United Kingdom tax purposes of $41,423 with no
expiration date.
Under Section 382 of the Internal Revenue Code, if we
undergo an “ownership change” (generally defined as a greater than
50% change (by value) in our equity ownership over a three-year period),
our ability to use our pre-change of control NOLs and other pre-change
tax attributes against our post-change income may be limited. The
Section 382 limitation is applied annually so as to limit the use of our
pre-change NOLs to an amount that generally equals the value of our
stock immediately before the ownership change multiplied by a
designated federal long-term tax-exempt rate. At December 31, 2013,
there were no limitations on the use of our NOLs except for certain of
the NOLs of Vocalocity as of the date of acquisition.
Note 6. Long-Term Debt and Revolving Credit Facility
A schedule of long-term debt at December 31, 2013 and 2012 is as follows:
December 31,
2013
December 31,
2012
3.25-3.75% 2011 Credit Facility - due 2014 $ — $ 14,167
3.125-3.625% 2013 Credit Facility - due 2016 $ 23,333 $—
3.125-3.625% 2013 Revolving Credit Facility - due 2016 $ 75,000 $—
Total Long-Term Debt and Revolving Credit Facility $ 98,333 $14,167
Table of Contents
VONAGE HOLDINGS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)