Vonage Holdings Corp. (NYSE: VG) reported adjusted EBITDA of USD110m for 2013, down from USD135m the prior year, reflecting the company´s continued investment in growth initiatives, including the national launch of BasicTalk.
The company generated income from operations of USD52m, down from USD65m in the prior year.
GAAP net income was USD28m or USD0.13 per share, a decrease from USD37m or USD0.16 per share in 2012. Net income, excluding adjustments, was USD52m or USD0.24 per share, down from USD84m or USD0.37 per share excluding adjustments in the prior year.
Revenue was USD829m, down from USD849m the prior year primarily due to plan mix and lower USF fees, partially offset by Vocalocity. A decline in USF fees, which are a pass-through, accounted for 39% of this reduction. Churn was 2.5%, an improvement from 2.6% in 2012. The company reported its first year of positive net line additions since 2008 with net lines of 9,000, a positive swing of nearly 25,000 lines from the prior year.
Vonage is a provider of communications services connecting individuals through cloud-connected devices worldwide. It is available in the US (www.vonage.com), Canada (www.vonage.ca) and the United Kingdom (www.vonage.co.uk).