Delaware | 001-32887 | 11-3547680 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
23 Main Street, Holmdel, NJ | 07733 | |
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Unaudited pro forma condensed consolidated statements of income of Vonage Holdings Corp. | |
VONAGE HOLDINGS CORP. | ||||
Date: | April 1, 2015 | By: | /s/ David T. Pearson | |
David T. Pearson Chief Financial Officer |
Exhibit Number | Description | |
99.1 | Unaudited pro forma condensed consolidated statements of income of Vonage Holdings Corp. | |
Pro Forma | |||||||||||
As Reported | Adjustment (1) | Pro Forma | |||||||||
Revenues | $ | 868,953 | $ | 99 | $ | 868,854 | |||||
Operating Expenses: | |||||||||||
Cost of telephony services (excluding depreciation and amortization of $19,330, $0, and $19,330, respectively) | 232,053 | 670 | 231,383 | ||||||||
Cost of goods sold | 36,815 | 315 | 36,500 | ||||||||
Selling, general and administrative | 274,750 | 3,857 | 270,893 | ||||||||
Marketing | 226,121 | 3,628 | 222,493 | ||||||||
Depreciation and amortization | 51,407 | 1,893 | 49,514 | ||||||||
821,146 | 10,363 | 810,783 | |||||||||
Income from operations | 47,807 | (10,264 | ) | 58,071 | |||||||
Other Income (Expense): | |||||||||||
Interest income | 212 | 5 | 207 | ||||||||
Interest expense | (6,823 | ) | (6,823 | ) | |||||||
Other expense, net | 11 | 11 | |||||||||
(6,600 | ) | 5 | (6,605 | ) | |||||||
Income before income tax expense | 41,207 | (10,259 | ) | 51,466 | |||||||
Income tax expense | (21,760 | ) | (1 | ) | (21,759 | ) | |||||
Net income | $ | 19,447 | $ | (10,260 | ) | $ | 29,707 | ||||
Plus: Net loss attributable to noncontrolling interest | 819 | 819 | — | ||||||||
Net income attributable to Vonage | $ | 20,266 | $ | (9,441 | ) | $ | 29,707 | ||||
Net income attributable to Vonage per common share: | |||||||||||
Basic | $ | 0.10 | $ | 0.14 | |||||||
Diluted | $ | 0.09 | $ | 0.14 | |||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 209,822 | 209,822 | |||||||||
Diluted | 219,419 | 219,419 |
Pro Forma | |||||||||||
As Reported | Adjustment (1) | Pro Forma | |||||||||
Revenues | $ | 214,737 | $ | 27 | $ | 214,710 | |||||
Operating Expenses: | |||||||||||
Cost of telephony services (excluding depreciation and amortization of $4,704, $0, and $4,704, respectively) | 56,807 | 332 | 56,475 | ||||||||
Cost of goods sold | 9,205 | 9,205 | |||||||||
Selling, general and administrative | 66,437 | 951 | 65,486 | ||||||||
Marketing | 58,305 | 1,639 | 56,666 | ||||||||
Depreciation and amortization | 12,346 | 71 | 12,275 | ||||||||
203,100 | 2,993 | 200,107 | |||||||||
Income from operations | 11,637 | (2,966 | ) | 14,603 | |||||||
Other Income (Expense): | |||||||||||
Interest income | 37 | 37 | |||||||||
Interest expense | (1,680 | ) | (1,680 | ) | |||||||
Other income (expense), net | (2 | ) | (2 | ) | |||||||
(1,645 | ) | — | (1,645 | ) | |||||||
Income before income tax expense | 9,992 | (2,966 | ) | 12,958 | |||||||
Income tax expense | (5,627 | ) | 4 | (5,631 | ) | ||||||
Net income | $ | 4,365 | $ | (2,962 | ) | $ | 7,327 | ||||
Plus: Net loss attributable to noncontrolling interest | 191 | 191 | — | ||||||||
Net income attributable to Vonage | $ | 4,556 | $ | (2,771 | ) | $ | 7,327 | ||||
Net income attributable to Vonage per common share: | |||||||||||
Basic | $ | 0.02 | $ | 0.04 | |||||||
Diluted | $ | 0.02 | $ | 0.03 | |||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 208,580 | 208,580 | |||||||||
Diluted | 217,176 | 217,176 |
Pro Forma | |||||||||||
As Reported | Adjustment (1) | Pro Forma | |||||||||
Revenues | $ | 218,882 | $ | 4 | $ | 218,878 | |||||
Operating Expenses: | |||||||||||
Cost of telephony services (excluding depreciation and amortization of $5,098, $0, and $5,098, respectively) | 59,059 | 117 | 58,942 | ||||||||
Cost of goods sold | 9,450 | 9,450 | |||||||||
Selling, general and administrative | 66,895 | 974 | 65,921 | ||||||||
Marketing | 59,003 | 401 | 58,602 | ||||||||
Depreciation and amortization | 12,459 | 14 | 12,445 | ||||||||
206,866 | 1,506 | 205,360 | |||||||||
Income from operations | 12,016 | (1,502 | ) | 13,518 | |||||||
Other Income (Expense): | |||||||||||
Interest income | 31 | 31 | |||||||||
Interest expense | (1,434 | ) | (1,434 | ) | |||||||
Other income (expense), net | 36 | 36 | |||||||||
(1,367 | ) | — | (1,367 | ) | |||||||
Income before income tax expense | 10,649 | (1,502 | ) | 12,151 | |||||||
Income tax expense | (5,266 | ) | (5 | ) | (5,261 | ) | |||||
Net income | $ | 5,383 | $ | (1,507 | ) | $ | 6,890 | ||||
Plus: Net loss attributable to noncontrolling interest | 135 | 135 | — | ||||||||
Net income attributable to Vonage | $ | 5,518 | $ | (1,372 | ) | $ | 6,890 | ||||
Net income attributable to Vonage per common share: | |||||||||||
Basic | $ | 0.03 | $ | 0.03 | |||||||
Diluted | $ | 0.02 | $ | 0.03 | |||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 211,390 | 211,390 | |||||||||
Diluted | 221,002 | 221,002 |
Pro Forma | |||||||||||
As Reported | Adjustment (1) | Pro Forma | |||||||||
Revenues | $ | 220,733 | $ | 220,733 | |||||||
Operating Expenses: | |||||||||||
Cost of telephony services (excluding depreciation and amortization of $5,154, $0 and $5,154, respectively) | 59,442 | 22 | 59,420 | ||||||||
Cost of goods sold | 9,739 | 9,739 | |||||||||
Selling, general and administrative | 71,628 | 938 | 70,690 | ||||||||
Marketing | 57,264 | 307 | 56,957 | ||||||||
Depreciation and amortization | 12,338 | 12 | 12,326 | ||||||||
210,411 | 1,279 | 209,132 | |||||||||
Income from operations | 10,322 | (1,279 | ) | 11,601 | |||||||
Other Income (Expense): | |||||||||||
Interest income | 91 | 91 | |||||||||
Interest expense | (2,077 | ) | (2,077 | ) | |||||||
Other expense, net | (13 | ) | (13 | ) | |||||||
(1,999 | ) | — | (1,999 | ) | |||||||
Income before income tax expense | 8,323 | (1,279 | ) | 9,602 | |||||||
Income tax expense | (4,118 | ) | (4,118 | ) | |||||||
Net income | $ | 4,205 | $ | (1,279 | ) | $ | 5,484 | ||||
Plus: Net loss attributable to noncontrolling interest | 383 | 383 | — | ||||||||
Net income attributable to Vonage | $ | 4,588 | $ | (896 | ) | $ | 5,484 | ||||
Net income attributable to Vonage per common share: | |||||||||||
Basic | $ | 0.02 | $ | 0.03 | |||||||
Diluted | $ | 0.02 | $ | 0.02 | |||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 212,195 | 212,195 | |||||||||
Diluted | 225,187 | 225,187 |
Pro Forma | |||||||||||
As Reported | Adjustment (1) | Pro Forma | |||||||||
Revenues | $ | 829,067 | $ | 829,067 | |||||||
Operating Expenses: | |||||||||||
Cost of telephony services (excluding depreciation and amortization of $14,892, $0, and $14,892, respectively) | 237,294 | 50 | 237,244 | ||||||||
Cost of goods sold | 37,586 | 37,586 | |||||||||
Selling, general and administrative | 238,720 | 1,564 | 237,156 | ||||||||
Marketing | 227,052 | 227,052 | |||||||||
Depreciation and amortization | 36,066 | 12 | 36,054 | ||||||||
776,718 | 1,626 | 775,092 | |||||||||
Income from operations | 52,349 | (1,626 | ) | 53,975 | |||||||
Other Income (Expense): | |||||||||||
Interest income | 307 | 307 | |||||||||
Interest expense | (6,557 | ) | (6,557 | ) | |||||||
Other expense, net | (104 | ) | (104 | ) | |||||||
(6,354 | ) | — | (6,354 | ) | |||||||
Income before income tax expense | 45,995 | (1,626 | ) | 47,621 | |||||||
Income tax expense | (18,194 | ) | (18,194 | ) | |||||||
Net income | $ | 27,801 | $ | (1,626 | ) | $ | 29,427 | ||||
Plus: Net loss attributable to noncontrolling interest | 488 | 488 | — | ||||||||
Net income attributable to Vonage | $ | 28,289 | $ | (1,138 | ) | $ | 29,427 | ||||
Net income attributable to Vonage per common share: | |||||||||||
Basic | $ | 0.13 | $ | 0.14 | |||||||
Diluted | $ | 0.13 | $ | 0.13 | |||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 211,563 | 211,563 | |||||||||
Diluted | 220,520 | 220,520 |
Pro Forma | |||||||||||
As Reported | Adjustment (1) | Pro Forma | |||||||||
Revenues | $ | 203,984 | $ | 203,984 | |||||||
Operating Expenses: | |||||||||||
Cost of telephony services (excluding depreciation and amortization of $3,522, $0, and $3,522, respectively) | 58,500 | 58,500 | |||||||||
Cost of goods sold | 9,535 | 9,535 | |||||||||
Selling, general and administrative | 59,134 | 739 | 58,395 | ||||||||
Marketing | 59,133 | 59,133 | |||||||||
Depreciation and amortization | 8,459 | 8,459 | |||||||||
194,761 | 739 | 194,022 | |||||||||
Income from operations | 9,223 | (739 | ) | 9,962 | |||||||
Other Income (Expense): | |||||||||||
Interest income | 97 | 97 | |||||||||
Interest expense | (1,509 | ) | (1,509 | ) | |||||||
Other income (expense), net | (15 | ) | (15 | ) | |||||||
(1,427 | ) | — | (1,427 | ) | |||||||
Income before income tax expense | 7,796 | (739 | ) | 8,535 | |||||||
Income tax expense | (3,811 | ) | (3,811 | ) | |||||||
Net income | $ | 3,985 | $ | (739 | ) | $ | 4,724 | ||||
Plus: Net loss attributable to noncontrolling interest | 222 | 222 | — | ||||||||
Net income attributable to Vonage | $ | 4,207 | $ | (517 | ) | $ | 4,724 | ||||
Net income attributable to Vonage per common share: | |||||||||||
Basic | $ | 0.02 | $ | 0.02 | |||||||
Diluted | $ | 0.02 | $ | 0.02 | |||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 209,589 | 209,589 | |||||||||
Diluted | 217,059 | 217,059 |