Vonage announces new $100M share repurchase program Vonage's Board of Directors authorized a new $100M share repurchase program to be concluded by the end of 2014. This new $100M program replaces the company's prior $50M share repurchase program. As of February 12, Vonage had repurchased a total of 14M shares of its common stock for $33M under the prior repurchase program, including repurchases of 8M shares of its common stock for $19M during Q4.
Vonage to exit Brazil consumer operations The company plans to exit the Brazilian market for consumer telephony services and commence the wind down of its joint venture operations in the country. The company intends to begin the wind down immediately and expects to complete the process by the end of the first quarter of 2015. The company expects to avoid material operating losses in Brazil in 2015 and 2016 due to the significant planned incremental investment that would be required to scale the business. In connection with the wind down, the company estimates that it will incur approximately $1M-$2.5M in cash and non-cash charges, respectively, primarily in the fourth quarter of 2014 related to asset write downs, contract terminations and severance-related expenses.