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2014 Annual Report
Unifying Communications

Table of contents

  • Page 1
    2014 Annual Report Unifying Communications

  • Page 2
    ... ï¬,ows of the Consumer business. During 2014, we increased our focus on attracting and retaining high-quality subscribers at lower acquisition costs, and we significantly realigned our marketing approach by reducing spend in certain sales channels and utilizing a greater mix of direct response and...

  • Page 3
    ... Identification No.) 23 Main Street, Holmdel, New Jersey (Address of principal executive offices) 07733 (Zip Code) Registrant's telephone number, including area code: (732) 528-2600 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which...

  • Page 4
    ... and Related Transactions, and Director Independence Principal Accountant Fees and Services Exhibits, Financial Statement Schedules Signatures Index to Financial Statements 2 8 17 17 18 20 21 24 32 41 42 42 42 43 44 44 44 44 44 45 50 F-1 FORWARD-LOOKING STATEMENTS VONAGE ANNUAL REPORT 2014

  • Page 5
    ... into our business practices; fraudulent use of our name or services; our dependence upon key personnel; our dependence on our customers' existing broadband connections; differences between our service and traditional phone services; restrictions in our debt agreements that may limit our operating...

  • Page 6
    ...the United States with international calling needs. The markets for international long distance allow us to leverage our VoIP network by providing customers a low-cost and convenient alternative to services offered by telecom and cable providers and international calling cards. With our Vonage World...

  • Page 7
    ...States consumer subscriber lines were for residential service. Our primary residential offering is Vonage World with approximately 0.9 million subscriber lines as of December 31, 2014. For a flat monthly fee, this plan includes unlimited domestic calling (U.S., Canada, and Puerto Rico) and unlimited...

  • Page 8
    ... provide caller ID as if the user were calling from their office. Additional features include the ability to update account profiles, manage devices, and contact call logs directly from their mobile devices. We also offer virtual extensions, which connects employees to a business phone number...

  • Page 9
    ... of IP addresses under the current Internet Protocol version, we have procured a supply of addresses that we believe will cover our needs for the foreseeable future. websites, or through multiple toll free numbers including 1-877-4VONAGE. Our primary sales channels for Vonage Business Solutions...

  • Page 10
    ... require new customers or existing customers making changes to their service to purchase voice services when purchasing high speed Internet access. Certain traditional phone companies are also able to bundle wireless telephone service. Many of these competitors are able to advertise on their local...

  • Page 11
    ... replacement for a wireline phone. Also, wireless phone companies increasingly are providing wireless broadband Internet access to their customers. As wireless providers offer more minutes at lower prices and other services that improve calling quality, their services have become more attractive...

  • Page 12
    ... and have offered their services at low prices or for free or are using different payment structures such as one-time or low annual fees. 8 VONAGE ANNUAL REPORT 2014 As the UCaaS market evolves, and the convergence of voice, video, messaging, mobility and data networking technologies accelerates...

  • Page 13
    ... to spend significant amounts to acquire new customers beyond those budgeted, or our marketing and advertising efforts are not effective in targeting 9 VONAGE ANNUAL REPORT 2014 We market our products and services to small and medium-sized businesses, which may be disproportionately impacted by...

  • Page 14
    ... business and reputation. We also operate Internet based, worldwide voice, video communications, and messaging services and electronic billing, which require the secure transmission of confidential information over public networks that may or may not support end to end security. Despite our security...

  • Page 15
    ... and retain international long distance customers in the U.S., U.K., and Canada. For example, our Vonage World offering includes calling to over 60 countries. Regulatory actions in any of these countries could cause increased costs, impact margin, cause us to remove a country from Vonage World, and...

  • Page 16
    ...both our comprehensive online account management website and our toll free number. Our customer support is currently provided via United States based employees as well as third party partners located in the United States, Philippines, Costa Rica, Chile, Mexico, and India. We offer support in English...

  • Page 17
    ... order to access our residential, small office, and home office services, a customer needs to connect a standard telephone to a broadband Internet connection through a Vonage-enabled device that we provide. Although we closely monitor inventory levels, if we are unable to procure a sufficient number...

  • Page 18
    ... required to credit significant amounts to customers. Third parties also have used our communications services without paying, including by submitting fraudulent credit card information. This has resulted in our incurring the cost of providing the services, including incurring call termination fees...

  • Page 19
    ... to provide emergency power for our customers' equipment if they lose power, although we do have backup power systems for our network equipment and service platform. Our customers may experience lower call quality than they are used to from traditional wireline telephone companies, including static...

  • Page 20
    ... charges imposed by regulatory authorities in countries to which customers make calls, such as India where regulatory authorities have been petitioned by local providers to consider termination rate increases. As we attract additional international long distance callers, we will be more affected...

  • Page 21
    ... and locations: Location Holmdel, New Jersey London, United Kingdom Atlanta, Georgia Scottsdale, Arizona Denver, Colorado Minneapolis, Minnesota Murray, Utah Tel Aviv, Israel Business Use Corporate Headquarters, Network Operations, Customer Service, Sales and Marketing, Administration Sales and...

  • Page 22
    ... that Vonage's and Aptela's products and services are covered by United States Patent No. 7,889,722, entitled "System for Interconnecting Standard Telephony Communications Equipment to Internet Protocol Networks" (the "'722 Patent"). The suit also named numerous other defendants, including Verizon...

  • Page 23
    ... 27, 2011, the FCC adopted an order reforming universal service and ICC. The FCC order provides that VoIP originated calls will be subject to interstate access charges for long distance calls and reciprocal compensation for local calls that terminate to the public switched telephone network ("PSTN...

  • Page 24
    ...NPRM. Direct access to telephone numbers would facilitate IP to IP interconnection, which may allow VoIP providers to provide higher quality, lower cost services, promote the deployment of innovative new voice services, and experience reductions in the cost of telephony services. Vonage successfully...

  • Page 25
    ... stock has been listed on the New York Stock Exchange under the ticker symbol "VG" since May 24, 2006. Prior to that time, there was no public market for our common stock. The following table sets forth the high and low sales prices for our common stock as reported on the NYSE for the quarterly...

  • Page 26
    ... months ended December 31, 2014, we repurchased 3,664 shares of Vonage Holdings Corp. common stock for $12,581 excluding commission, using cash resources pursuant to the 22 VONAGE ANNUAL REPORT 2014 $100,000 repurchase program. The repurchases occurred in the open market pursuant to a trading plan...

  • Page 27
    ... and operational performance, market conditions, securities law limitations, and other factors. Repurchases may be made in the open market or through private transactions from time to time. The repurchases will be made using available cash balances. In any period, cash used in financing activities...

  • Page 28
    ... notes included elsewhere in this Annual Report on Form 10-K. For the years ended December 31, (In thousands, except per share amounts) Statement of Operations Data: Revenues Operating Expenses: Cost of telephony services (3) (4) Cost of goods sold Selling, general and administrative (4) Marketing...

  • Page 29
    ...,212 (4,686) (143,762) 2014 (1) 2013 (2) 2012 2011 2010 December 31, (dollars in thousands) Balance Sheet Data: Cash, cash equivalents and marketable securities Property and equipment, net Goodwill and intangible assets, net Total deferred tax assets, including current portion, net Restricted cash...

  • Page 30
    ...the United States with international calling needs. The markets for international long distance allow us to leverage our VoIP network by providing customers a low-cost and convenient alternative to services offered by telecom and cable providers and international calling cards. With our Vonage World...

  • Page 31
    ...emphasis on the international long distance market, we face competition from low-cost international calling cards and VoIP providers in addition to traditional telephone companies, cable companies, and wireless companies. In connection with our Vonage Business Solutions SMB and SOHO markets, we face...

  • Page 32
    ... equipment subsidies, which are accounted for as cost of goods sold. As a result, it does not represent the full cost to us of obtaining a new customer. Our marketing cost per gross subscriber line addition decreased to $341.77 for 2014 from $347.78 in 2013, due to changes to our retail offers...

  • Page 33
    ... plans. The "Vonage World" plan, available in the United States and Canada, offers unlimited calling across the United States and Puerto Rico, unlimited international calling to over 60 countries including India, Mexico, and China, subject to certain restrictions, and free voicemail to text messages...

  • Page 34
    ...pay to retailers and internal and external sales people for activation commissions. The cost associated with our customer referral program. > > > > Cost of goods sold. Cost of goods sold primarily consists of costs that we incur when a customer first subscribes to our service. These costs include...

  • Page 35
    ... income for the periods indicated: For the Years Ended December 31, 2014 Revenues Operating Expenses: Cost of telephony services (excluding depreciation and amortization) Cost of goods sold Selling, general and administrative Marketing Depreciation and amortization Loss from abandonment of software...

  • Page 36
    ... improved termination rates, which are costs that we pay other phone companies for terminating phone calls, and fewer minutes of use and a decrease in our network costs of $5,962, which includes costs for co-locating in other carriers' facilities, leasing phone numbers, routing calls on the Internet...

  • Page 37
    ...to our retail offers aimed at enhancing customer profitability and reducing customer churn. These actions resulted in a softening of gross subscriber line additions in our consumer business partially offset by our investment in the VBS business. This decrease was offset by an increase in direct mail...

  • Page 38
    ...times from years ending 2013 through 2033. In addition, we had net operating loss carry forwards for Canadian tax purposes of $4,458 expiring through 2027. We also had net operating loss carry forwards for United Kingdom tax purposes of $44,853 with no expiration date. 34 VONAGE ANNUAL REPORT 2014

  • Page 39
    ... to 2012 Net Income attributable to Vonage. Based on the activity described above, our net income attributable to Vonage of $28,289 for the year ended December 31, 2013 decreased by $8,338, or 23%, from net income of $36,627 for the year ended December 31, 2012. 35 VONAGE ANNUAL REPORT 2014

  • Page 40
    ...common shares outstanding: Basic Diluted Operating Data: Gross subscriber line additions Change in net subscriber line Subscriber lines at end of period Average monthly customer churn Average monthly operating revenues per line $ Average monthly costs of telephony services per line $ Marketing costs...

  • Page 41
    ...910 of fees in 37 VONAGE ANNUAL REPORT 2014 The 2014 Credit Facility provides greater flexibility to us in funding acquisitions and restricted payments, such as stock buybacks, than the 2013 Credit Facility. We may prepay the 2014 Credit Facility at our option at any time without premium or penalty...

  • Page 42
    ..., including an electronic data warehouse, online customer service, and customer management platforms. For 2015, we believe our capital and software expenditures will be approximately $30,000. Operating Activities Cash provided by operating activities increased to $92,542 during the year ended...

  • Page 43
    ... provide local inbound, customer care, carrier operation, networks and telephone related services, process our credit card billings, license patents to us, sell us communication devices, supply us energy, provide marketing infrastructure and services, and partner with us in international operations...

  • Page 44
    ...from international calls and from customers exceeding allocated call minutes under limited minute plans are recognized as services are provided, that is, as minutes are used, and are billed to a customer's credit cards, debit cards or ECP in arrears. As a result of multiple billing cycles each month...

  • Page 45
    ...In May 2014, Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers". This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of good or services to...

  • Page 46
    ...(2013). We acquired Telesphere in December 2014. Our management has excluded the operations of this business from our evaluation of, and conclusion regarding, the effectiveness of our internal control over financial reporting as of December 31, 2014. This business represents 2% and 0.2% of our total...

  • Page 47
    ... changes to controls during the quarter ended December 31, 2014 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting. Alan Masarek Director, Chief Executive Officer ITEM 9B. Other Information None. 43 VONAGE ANNUAL REPORT 2014

  • Page 48
    ... by reference. ITEM 14. Principal Accountant Fees and Services The discussion under the heading "Ratification Independent Registered Public Accounting Firm" in our of Proxy Statement for the 2015 Annual Meeting of Stockholders is hereby incorporated by reference. 44 VONAGE ANNUAL REPORT 2014

  • Page 49
    ... such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein. /s/ BDO USA, LLP Woodbridge, New Jersey February 13, 2015 45 VONAGE ANNUAL REPORT 2014

  • Page 50
    ...represent change in valuation allowance. Represents reversal of estimated valuation allowance on Vocalocity's deferred tax assets at date of acquisition. Represents estimated valuation allowance on Vocalocity's deferred tax assets at date of acquisition. (3) Exhibits. 46 VONAGE ANNUAL REPORT 2014

  • Page 51
    ... of November 4, 2014 by and between Vonage Holdings Corp. and Clark Peterson (31)* Settlement Agreement, dated July, 30, 2012, by and among Vonage Network LLC, Amdocs Software Systems Limited, and Amdocs, Inc. (21) Stock Option Cancellation Agreement, dated February 19, 2013, between Vonage Holdings...

  • Page 52
    ... by reference to the Current Report on Form 8-K (File No. 001-32887) filed by on October 10, 2013. Incorporated by reference to Vonage Holding Corp.'s Quarterly Report on Form 10-Q (File No. 001-32887) filed on May 7, 2010. Incorporated by reference to Vonage Holding Corp.'s Annual Report on Form 10...

  • Page 53
    ... 1934, as amended. Management contract or compensatory plan or arrangement. * (b) Exhibits Filed Herewith Refer to (a)(3) above. (c) Financial Statement Schedule Report of Independent Registered Public Accounting Firm Schedule II - Valuation and Qualifying Accounts. 49 VONAGE ANNUAL REPORT 2014

  • Page 54
    ... of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Holmdel, State of New Jersey, on February 13, 2015. VONAGE HOLDINGS CORP. Dated: February 13, 2015 By...

  • Page 55
    ...principal executive officer) Chief Financial Officer and Treasurer (principal financial officer and principal accounting officer) February 13, 2015 February 13, 2015 /S/ JEFFREY A. CITRON Jeffrey... 13, 2015 Director February 13, 2015 Director February 13, 2015 51 VONAGE ANNUAL REPORT 2014

  • Page 56
    ... STATEMENTS Page Report of Independent Registered Public Accounting Firm-BDO USA, LLP Report of Independent Registered Public Accounting Firm-BDO USA, LLP Consolidated Balance Sheets as of December 31, 2014 and 2013 Consolidated Statements of Income for the years ended December 31, 2014, 2013 and...

  • Page 57
    ... with the standards of the Public Company Accounting Oversight Board (United States), Vonage Holdings Corp.'s internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring...

  • Page 58
    ... of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an...

  • Page 59
    ... equivalents Marketable securities Accounts receivable, net of allowance of $607 and $683, respectively Inventory, net of allowance of $181 and $229, respectively Deferred customer acquisition costs, current Deferred tax assets, current Prepaid expenses and other current assets Total current assets...

  • Page 60
    ...years ended December 31, (In thousands, except per share amounts) Revenues Operating Expenses: Cost of telephony services (excluding depreciation and amortization of $19,330, $14,892, and $15,115, respectively) Cost of goods sold Selling, general and administrative Marketing...VONAGE ANNUAL REPORT 2014

  • Page 61
    Table of Contents VONAGE HOLDINGS CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the years ended December 31, (In thousands) Net income Other comprehensive (loss) income: Foreign currency translation adjustment Unrealized loss on available-for-sale securities Total other comprehensive (...

  • Page 62
    ... and other current assets Deferred customer acquisition costs Other assets Accounts payable Accrued expenses Deferred revenue Other liabilities Net cash provided by operating activities Cash flows from investing activities: Capital expenditures Purchase of marketable securities Acquisition and...

  • Page 63
    ...Share-based expense Share-based award activity Common stock repurchases Acquisition of business Foreign currency translation adjustment Unrealized loss on availablefor-sale securities Transfer of noncontrolling interest Net income (loss) Balance at December 31, 2014 Common Stock $ 228 2 Additional...

  • Page 64
    ... provider of communications services connecting people through cloudconnected devices worldwide. Customers in the United States represented 93% of our subscriber lines for our broadband telephone replacement services at December 31, 2014, with the balance primarily in Canada and the United Kingdom...

  • Page 65
    ... pay to other telephone companies to terminate domestic and international phone calls on the public switched telephone network. In addition, these costs include the cost to lease phone numbers, to co-locate in other telephone companies' facilities, to provide enhanced emergency dialing capabilities...

  • Page 66
    ... is shorter. The cost of renewals and substantial improvements is capitalized while the cost of maintenance and repairs is charged to operating expenses as incurred. Company-owned customer premises equipment is depreciated on a straight-line basis over three years. Our network equipment and computer...

  • Page 67
    ... related to unrecognized tax F-12 VONAGE ANNUAL REPORT 2014 Foreign Currency Generally, the functional currency of our non-United States subsidiaries is the local currency. The financial statements of these subsidiaries are translated to United States dollars using month-end rates of exchange for...

  • Page 68
    ... for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Reclassifications The Company has reclassified certain personnel and related costs for network operations and customer care that are attributable...

  • Page 69
    ... amortization Software, net The total expected future annual amortization of software is as follows: $ (74,009) 18,624 $ December 31, 2013 45,178 $ 909 36,088 82,175 (61,618) 20,557 Purchased Licensed Internally developed 2015 2016 2017 2018 Total F-14 VONAGE ANNUAL REPORT 2014 $ 11,354 5,258...

  • Page 70
    ... $ $ Accumulated other comprehensive (loss) income December 31, December 31, 2014 2013 (3,123) $ 519 $ (8) - (3,131) $ 519 $ Foreign currency translation adjustment Unrealized loss on available-for-sale securities Accumulated other comprehensive (loss) income F-15 VONAGE ANNUAL REPORT 2014

  • Page 71
    ... average remaining lives; trademark is being amortized on a straight-line basis over eight years; trade names are being amortized on a straight-line basis over five years; and the non-compete agreements are being amortized on a straight-line basis over two years. F-16 VONAGE ANNUAL REPORT 2014

  • Page 72
    ... 2016 2017 2018 2019 Thereafter Total $ 14,184 12,560 9,480 7,505 5,796 10,382 59,907 $ Note 4. Supplemental Income Statement Account Information Amounts included in revenues For the years ended December 31, 2014 USF fees Disconnect fee Initial activation fees Customer equipment fees Equipment...

  • Page 73
    ... expense For the years ended December 31, 2014 Network equipment and computer hardware Software Capital leases Other leasehold improvements Customer premise equipment Furniture Vehicles Patents Trademarks Customer relationships Acquired technology Trade names Non-compete agreements Property and...

  • Page 74
    ... tax rates or tax laws are included in the provision for income taxes in the period of enactment. Our net deferred tax assets primarily consist of net operating loss carry forwards ("NOLs"). We are required to record a valuation allowance against our net deferred tax F-19 VONAGE ANNUAL REPORT 2014...

  • Page 75
    ... and local taxes, net of federal benefit International tax (reflects effect of losses for which tax benefit not realized) Valuation reserve for income taxes and other Effective tax rate 35% 3% 3% 11% 1% 53% 2013 35 % 4% -% (1)% 1% 39 % 2012 35 % 1% 5% (1)% (2)% 38 % F-20 VONAGE ANNUAL REPORT 2014

  • Page 76
    ...value of our stock immediately before the ownership change multiplied by a designated federal long-term tax-exempt rate. At December 31, 2014, there were no limitations on the use of our NOLs except for certain of the NOLs of Vocalocity as of the date of acquisition. F-21 VONAGE ANNUAL REPORT 2014

  • Page 77
    ..., along with the unamortized fees of $668 in connection with the 2013 Credit Facility, to interest expense over the life of the debt using the effective interest method. 2014 Credit Facility Terms F-22 VONAGE ANNUAL REPORT 2014 > The 2014 Credit Facility provides greater flexibility to us in...

  • Page 78
    ... other United States subsidiaries and are secured by substantially all of the assets of each borrower and each of the guarantors. On July 26, 2013 we entered into Amendment No. 2 to our F-23 VONAGE ANNUAL REPORT 2014 Use of Proceeds We used $100,000 of the net available proceeds of the 2011 Credit...

  • Page 79
    ... the same as its carrying amount as market conditions, including available interest rates, credit spread relative to our credit rating, and illiquidity, remain relatively unchanged from the issuance date of our debt on August 13, 2014 for a similar debt instrument. F-24 VONAGE ANNUAL REPORT 2014

  • Page 80
    ... F-25 VONAGE ANNUAL REPORT 2014 Under the new program, the timing and amount of repurchases will be determined by management based on its evaluation of market conditions, the trading price of the stock and will vary based on available capital resources and other financial and operational performance...

  • Page 81
    ... dividend payout. The expected life was 2.79 years. Compensation expense for restricted stock units with performance and market conditions is recognized over the requisite service period using the straight-line method and includes the impact of estimated forfeitures. F-26 VONAGE ANNUAL REPORT 2014

  • Page 82
    ... tendered or withheld to pay the exercise price of an award or to satisfy tax withholding obligations will not be available for issuance pursuant to new awards. At December 31, 2014, 10,235 shares were available for future grant under the 2006 Stock Incentive Plan. F-27 VONAGE ANNUAL REPORT 2014

  • Page 83
    ... using the ratable single-option approach on an accrual basis and are amortized using an accelerated amortization schedule. Our current policy is to issue new shares to settle the exercise of stock options and prospectively, the vesting of restricted stock units. F-28 VONAGE ANNUAL REPORT 2014

  • Page 84
    ... the form of a matching contribution. The employer matching contribution is 50% of each employee's contributions not to exceed $6 in 2012, 2013, and 2014. Our expense related to the Retirement Plan was $2,959, $2,554, and $2,160 in 2014, 2013, and 2012, respectively. F-29 VONAGE ANNUAL REPORT 2014

  • Page 85
    ... who will provide local inbound, customer care, carrier operation, networks and telephone related services, process our credit card billings, license patents to us, sell us communication devices, supply us energy, provide marketing infrastructure and services, and F-30 VONAGE ANNUAL REPORT 2014

  • Page 86
    ... that Vonage's and Aptela's products and services are covered by United States Patent No. 7,889,722, entitled "System for Interconnecting Standard Telephony Communications Equipment to Internet Protocol Networks" (the "''722 Patent"). The suit also named numerous other defendants, including Verizon...

  • Page 87
    ... to wired broadband Internet services providers. Final rules were filed in the Federal Register in September 2011. Shortly thereafter, a number of F-32 VONAGE ANNUAL REPORT 2014 Federal - E-Rate Reform On December 19, 2013, the FCC released a Second Report and Order and Order on Reconsideration...

  • Page 88
    ... care coverage premiums and (vi) vesting of certain equity awards pursuant to the terms of such awards. Note 11. Acquisition of Business Acquisition of Telesphere F-33 VONAGE ANNUAL REPORT 2014 Telesphere offers a comprehensive range of cloud voice and UCaaS services, including advanced call center...

  • Page 89
    ... network enabling quality of service (QoS) management and security increasingly required by businesses utilizing extensive UCaaS features. Telesphere is highly complementary to Vonage Business Solutions ("VBS). The addition of Telesphere more than doubles our addressable cloud market opportunity...

  • Page 90
    ...; an increase in interest expense of $2,152 for the years ended 2014 and 2013, respectively associated with revolving line of credit. VONAGE ANNUAL REPORT 2014 Acquisition of Vocalocity Vocalocity is an industry-leading provider of cloud-based communication services to small and medium businesses...

  • Page 91
    ... be realized. The customer relationships and developed technology are being amortized on an accelerated basis over an estimated useful life of ten years; trade F-36 VONAGE ANNUAL REPORT 2014 names are being amortized on a straight-line basis over five years; and the non-compete agreements are being...

  • Page 92
    ...'s business segments and related disclosures about its products, services, geographic areas and major customers. Under ASC 280, the method for determining what information to report is based upon the way management organizes the operating segments within the Company for making operating decisions...

  • Page 93
    ...sets forth the reviewed consolidated quarterly financial information for 2014 and 2013: For the Quarter Ended March 31, Year Ended 2014 Revenue Net income attributable to Vonage Net income attributable to Vonage per common share: Basic Diluted Year Ended 2013..., Total F-38 VONAGE ANNUAL REPORT 2014

  • Page 94
    ... in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who...

  • Page 95
    ... in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who...

  • Page 96
    ...-Oxley Act of 2002, that the Annual Report of Vonage Holdings Corp. on Form 10-K for the annual period ended December 31, 2014 fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-K fairly presents...

  • Page 97

  • Page 98

  • Page 99
    ..., Plaza Level New York, NY 10038 Phone: (800) 937-5449 or: (718) 921-8124 (International) Website: http://www.amstock.com Independent Registered Public Accounting Firm BDO USA, LLP 90 Woodbridge Center Drive 4th Floor Woodbridge, NJ 07095 Form 10-K A copy of the Company's Annual Report on Form 10...

  • Page 100
    Vonage 23 Main Street Holmdel, NJ 07733 vonage.com