Vonage Delivers Strong Second Quarter 2017 Results Highlighted by 44% Vonage Business GAAP Revenue Growth

• Consumer Services revenues were $128 million in the second quarter of 2017 compared to $132 million in the first quarter of 2017. This represents the lowest sequential dollar revenue decline in 13 quarters.
• Consumer customer churn was a record reported low 1.9%.
• Average revenue per line ("ARPU") in Consumer Services was $26.33, up from $26.10 sequentially and down from $26.61 in the year ago period.
• The Consumer segment ended the second quarter with 1.6 million subscriber lines.

Patent Portfolio

Vonage continues to execute on its strategy to develop innovative technologies and to protect its valuable intellectual property. The Company was granted 11 new patents in the second quarter and now has more than 160 U.S. patents.

Guidance Update

Vonage is updating its CPaaS revenue expectations to reflect the Company's requirement to report a portion of Nexmo revenues on a gross rather than net basis, as well as higher organic growth. The Company now expects 2017 Business revenues, which includes both UCaaS and CPaaS, to increase from prior guidance by $15 million, equating to a range of $498 million to $504 million. Corresponding total revenue guidance is likewise adjusted to between $981 million and $996 million. The Company reaffirmed 2017 Adjusted OIBDA guidance of at least $165 million.

Conference Call and Webcast

Management will host a conference call to discuss the second quarter 2017 results and other matters on Thursday, August 3, 2017 at 8:30 AM Eastern Time. To participate, please dial (866) 807-9684 approximately 10 minutes prior to the call. International callers should dial (412) 317-5415.

A webcast will be available through Vonage's Investor Relations website at http://ir.vonage.com. A replay of the call and webcast will be available shortly after the conclusion of the call and may be accessed through Vonage's Investor Relations website at http://ir.vonage.com or by dialing (877) 344-7529. International callers should dial (412) 317-0088. The replay passcode is 10110947.

1. This is a non-GAAP financial measure. Refer below to Table 3 for a reconciliation to GAAP income from operations.
2. This is a non-GAAP financial measure. Refer below to Table 4 for a reconciliation to GAAP net income.
3. We define organic growth as the increase in Business revenues after giving pro forma effect for the acquisition of Nexmo, the change in accounting treatment with respect to certain CPaaS revenues being recognized on a gross rather than net basis and the exclusion of one-time items. See Table 3 for reference.

VONAGE HOLDINGS CORP.
TABLE 1. CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share amounts)
	Three Months Ended												Six Months Ended
	June 30,				March 31,				June 30,				June 30,
	2017				2017				2016				2017				2016
	(unaudited)				(unaudited)				(unaudited)				(unaudited)
									(revised) (1)								(revised) (1)
Statement of Income Data:
Revenues	$	251,836			$	243,347			$	233,675			$	495,183			$	460,499
Operating Expenses:
Cost of service (excluding depreciation and amortization of $6,863, $6,782, $6,985, $13,645, and $13,818, respectively)	97,674				87,596				76,078				185,270				145,228
Cost of goods sold	6,187				7,293				8,352				13,480				17,418
Sales and marketing	79,738				81,931				83,344				161,669				162,945
Engineering and development	6,670				8,370				7,243				15,040				14,077
General and administrative	36,514				35,086				35,053				71,600				61,723
Depreciation and amortization	18,394				17,947				18,218				36,341				35,197
	245,177				238,223				228,288				483,400				436,588
Income from operations	6,659				5,124				5,387				11,783				23,911
Other income (expense):
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