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Vonage Holdings Corp.(NYSE: VG)

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Q3 2018 Antithesis Appointment Call

November 2, 2018, 8:30 a.m. ET

Operator

Good day, everyone. And acceptable to the Vonage Holdings Corporation third division 2018 antithesis appointment call. All participants will be in listen-only mode. Should you charge assistance, amuse arresting a appointment specialist by acute the * key followed by 0. After today’s presentation, there will be an befalling to ask questions. To ask a question, you may columnist * afresh 1 on your touchtone phone. And to abjure your catechism amuse columnist * afresh 2. And amuse agenda that today’s accident is actuality recorded. I would now like to about-face the appointment over to Hunter Blankenbaker, Vice President of Broker Relations. Amuse go ahead.

Hunter Blankenbaker — Vice President, Broker Relations

Okay, great. Thanks, William. And acceptable morning and acceptable to our third division 2018 antithesis appointment call. Speaking on our alarm this morning is Alan Masarek, Chief Executive Officer and Dave Pearson, CFO. Additionally aing us is Kenny Wyatt, our Chief Acquirement Officer, Omar Javaid, our Chief Artefact Officer, and Dennis Fois, our CEO of New Articulation Media. Alan will altercate our action and third results, and Dave will accommodate a added abundant appearance on our third division after-effects and adapted guidance. Slides that accompany today’s altercation are accessible on the IR website. At the cessation of our able remarks, we’ll be blessed to booty your questions.

As referenced on Accelerate 2, I would like to admonish anybody that statements fabricated during this alarm may be avant-garde statements aural the acceptation of the Clandestine Securities Litigation Reform Act of 1995. These avant-garde statements are based on management’s expectations, depend on assumptions that may be incorrect or imprecise, and are accountable to risks and uncertainties that could annual absolute after-effects to alter materially. Added advice about those risks and uncertainties is accent on the added folio of the slides and independent in our SEC filings. We attention admirers not to await disproportionately on these statements and abandon any absorbed or obligation to amend them. During this call, we will be apropos to non-GAAP banking measures. A adaptation to GAAP is accessible in the third division antithesis columnist absolution or the third division earnings slides which are posted on the IR website. And with that, I’ll to about-face the alarm over to Alan.

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Alan Masarek — Chief Executive Officer

Thanks, Hunter. Acceptable morning. And acknowledge you for aing us. Vonage delivered accession division of able business growth. Absolute business revenues were $154 actor and comprised 59% of absolute revenues. Of this, business annual revenues grew 23%. Circumscribed revenues were $262 million. And adapted OIBDA was $50 million. And adapted OIBDA bare CapEx was $45 million. I’ll alpha my comments this morning by bombastic our cardinal vision. Artlessly stated, we accept that by creating absolutely programmable communications solutions, we can drive bigger business outcomes for our customers. We are active this action via acquisitions of technology-rich billow communications companies, including Nexmo, TokBox, and now, New Articulation Media, accompanying with fast, follow-on amoebic development.

As a aftereffect of our efforts, we accept we accept created the world’s best differentiated billow communications aggregation that can accommodate solutions for all of a company’s communications needs and addresses the absoluteness of the billow communications TAM. And in accomplishing so, we are allowance ascertain programmable communications as a new communications category. Central to our strategy, we are creating a distinct microservices architected software platform, or One Vonage. The One Vonage belvedere combines Vonage Business Cloud, our proprietary UCaaS belvedere with the technology endless of Nexmo and TokBox. And in the future, One Vonage will additionally accommodate New Articulation Media’s acquaintance centermost functionality. With One Vonage, we will accommodate chip communications solutions, all absolutely programmable that ambit from accustomed use case applications like acquaintance center, hosted PBX, accord and aggregation messaging, all the way through programmable advice APIs.

From the One Vonage platform, our solutions will seamlessly accommodate chump communications with a company’s abettor communications and workflow tools. The charge for an chip communications acquaintance is analytical businesses abide agenda transformation. That is, abysmal affiliation amid business applications and action advice accoutrement is all-important to beforehand the customer’s acquaintance and therefore, buck those bigger business outcomes. Vonage is architecture these chip solutions. And our band-aid set is the aspect of programmable communications. In fact, we accept programmable communications are abiding in every businesses’ charge to beforehand how they acquaint with their customers. Anniversary alternation a chump has a with a business shapes that customer’s experience. Businesses are beneath acute burden to beforehand chump engagement. And barter appetite to collaborate with brands through their adopted admission of communication.

And they appetite those interactions to be integrated, whether it’s voice, SMS messaging, through a brand’s adaptable app, over the web, through an IVR, or alike through the aloft babble apps like Facebook Messenger, WeChat, and WhatsApp. So, this charge for an chip communications acquaintance is the acumen why accepting New Articulation Media is so important. New Articulation Media is a cloud-based acquaintance centermost band-aid that’s acclaimed by its CRM focused go-to-market approach. New Articulation Media is chip with arch CRMs with a decidedly abysmal affiliation with sales force. By amalgam deeply with CRMs, New Articulation Media delivers bigger omnichannel interactions and able-bodied analytics and abstracts capture. We plan to accommodate New Articulation Media’s billow acquaintance centermost solutions with our Vonage Business Billow belvedere as able-bodied as to capitalize on the bigger functionality that CPaaS artlessly brings to acquaintance centermost solutions.

Now, with New Articulation Media, Vonage is the alone billow communications aggregation that can amalgamate abysmal CRM integrations with the abounding ambit of programmable communications acclimated by a business for its advisers and its customers. This will be a able accumulated because it creates an chip chump acquaintance beyond assorted advice channels. It can admission sales about-face on the avant-garde end and beforehand chump achievement on the aback end. So, with that as a cardinal review, as a backdrop, I will highlight the beforehand we’re authoritative in two analytical areas. The aboriginal is the development of our One Vonage technology platform. And the added is our sales and business beheading which continues to improve. Apropos the aboriginal initiative, we are authoritative able beforehand developing the One Vonage platform. Our development efforts are focused on the connected affiliation of Nexmo, TokBox, and Vonage Business Billow with New Articulation Media to appear while accordingly convalescent their alone functionality.

Let me highlight two important development efforts. First, we are amalgam Nexmo functionality added deeply with Vonage Business Cloud. We are application our letters API to decidedly beforehand Vonage Business Cloud’s business inbox functionality. With business inbox, buzz numbers are programmable. And as such, developers can use our APIs to affairs avant-garde solutions for that buzz number. So, for example, with business inbox, advisers will anon alone charge a distinct buzz number. And barter can acquaintance that abettor in the advice admission of their choice, in the customer’s choice. This agency that barter can alarm that number, argument that number, fax that number, or alike adeptness that cardinal from aural a amusing media platform. By authoritative buzz numbers programmable, we beforehand chump assurance and drive bigger business outcomes. Second, we are converting Vonage Business Billow video conferencing band-aid from Amazon Chime to TokBox’s video API.

This will accommodate an bigger video acquaintance and additionally enhance gross margins by leveraging our own technology. Our development efforts are actuality accustomed for technology administration by top industry analysts. We afresh becoming Frost & Sullivan’s 2018 Competitive Action Innovation and Administration accolade for our adeptness to buck UCaaS, CPaaS, and CCaaS via our programmable advice platform. And our Vonage Business Billow belvedere won gold at the Golden Arch awards for best avant-garde product. The added aloft action relates to improvements in our sales and business execution. During the quarter, we connected beforehand in sales, marketing, and aberrant admission initiatives. And as a result, we are seeing acceptable increases in sales abundance beyond our routes to bazaar as able-bodied as solid beforehand affairs up bazaar businesses. For example, aural the action category, we bankrupt on four new seven-figure deals with absolute arrangement values, again, greater than a actor dollars.

All four of those deals included beforehand acquaintance center. And this is cogent because acquaintance centermost drives college MRR and therefore, greater revenues. In these four action deals, Acquaintance centermost admission arrangement amount by one-third. And it additionally highlights that acquaintance centermost and UC are added actuality purchased together, added acceptance our accretion of New Articulation Media. During the quarter, we bankrupt 18 deals with greater than $10,000.00 in MRR. And aural the abate business segment, we added bookings by 65% from barter with greater than $1,000.00 MRR. And beyond all routes to market, bookings for beforehand acquaintance centermost added fivefold in the third division over the year-ago quarter. Aural aberrant channels, our drive is actual strong. Bookings from the adept abettor admission added added than 40%. And our activity is at almanac levels. And alike added significant, boilerplate accord admeasurement added than tripled. Also, added than 100 ally accept aing Nexmo Connect.

These accommodate Microsoft, Facebook, MuleSoft, Built.io, and Aspect Software. These ally are creating acute solutions for their action customers. As one example, UniTalk, a billow solutions aggregation that helps enterprises bury programmable communications into their apps is leveraging our SMS, voice, and video APIs to accommodate real-time communicative business solutions for their clients. The accretion of New Articulation Media additionally provides befalling to beforehand acquirement growth. We will advantage our accumulated administration channels and accumulated barter to accompany cross-sell opportunities. We’ll additionally assignment carefully with New Articulation Media to aggrandize its already awful cardinal go-to-market accord with salesforce.com. Our acreage and aggrandize sales archetypal continues to drive results. Revenues from new CPaaS barter added in the year-ago division added eightfold this quarter. Also, our developer association continues to abound quickly. And it charcoal a analytical allotment of our go-to-market strategy.

We assured the division with 696 thousand developers registered on our platform. And finally, we stered our administration aggregation by abacus three awful able executives. Rishi Dave aing us as Chief Business Officer. And Rishi will drive Vonage’s repositioning as a billow communications belvedere company. Sanjay Macwan aing as SVP of Action Engineering and Networks. And he’s absorption on the connected development of our enterprise-scale software and our communications infrastructure. And afresh Dennis Fois, who’s aing us on the alarm today, CEO of New Articulation Media. He will stay, as will our absolute team, arch our beforehand acquaintance centermost efforts. And apropos Dennis and his team, we’re captivated to acceptable all 430 New Articulation Media aggregation associates to Vonage. Their aggregation includes a all-around action salesforce with cogent compassionate of CRM as able-bodied as a artefact and engineering aggregation over 100 strong.

We’re captivated that they’re aing us. To summarize, these are actual agitative times at Vonage. We accept fabricated abundant progress, and I’m appreciative of our team’s performance. We accept the appropriate technologies, products, partners, and bodies to assassinate on our strategy. We’ve created a new focus about programmable communications. And in fact, we accept that the burst appearance of the communications bazaar in which companies are categorized as UCaaS, CCaaS or CPaaS players leads to alphabet soup curve of bound that are out of blow with the approaching of communications. And this is why we accede our billow communications offerings as an accumulated artefact band against breaking them into abstracted ads of annual businesses. Said differently, Vonage is architecture solutions that abode countless use cases for the absolute communications bazaar pan.

We abode the ample categories of buyers who anniversary present with altered needs, whether it’s the IT client gluttonous to beforehand basement and move to cloud-based solutions or the software developer gluttonous to affairs communications into absolute solutions to achieve those solutions bigger or the business client gluttonous to beforehand assurance with barter and to beforehand achievement for both barter and employees. With our added chip solutions, Vonage is acclamation all of these affairs categories. And we accept our admission is the approaching of communications. I’ll now about-face the alarm over to Dave for a assay of our banking results.

DavePearson — Chief Banking Officer

Thanks, Alan. And acceptable morning, everyone. I’m admiring to assay our banking after-effects for the third division of 2018 and amend advice for the accretion of New Articulation Media. As in the past, annual beforehand ante reflected in the presentation slides and during my able animadversion are on a year-over-year abject unless contrarily acclaimed as sequential. Starting on accelerate seven, circumscribed revenues for the third division were $262 million, up $8 actor or 3% with business accounting for 59% of absolute revenues this division and growing decidedly faster than consumers declining. We will abide to see accelerating circumscribed beforehand rates. Circumscribed gross margins bigger to 60% due to connected beforehand in margins beyond all of our services, partially annual by the alteration mix of services. This gross allowance aftereffect is admitting the trend I discussed on aftermost quarter’s alarm of axis the CapEx that acclimated to be absorb in abstracts centers into OpEx in the anatomy of AWS billow expense.

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Moving to accelerate eight, let me now about-face to our articulation banking results. Vonage business absolute acquirement was $154 million, a 19% GAAP increase. Aural this, business annual acquirement grew 23%. I will now altercate some of the puts and takes that impacted business revenue. In the quarter, we bargain admission revenues, constant with our plan to book and drift assertive barter assimilate VBC and arrange SmartWAN added widely, afflicted an accounting appraisal apropos to UCaaS chump deferred revenue, blurred acquirement by $400 thousand, added two months of TokBox revenue, alone several CPaaS barter who did not accommodated our accretion allowance threshold, and accomplished abrogating bill adaptation impact. Overall, business annual allowance for the third division was 55%, in band with the above-mentioned year and up over 2 allotment credibility sequentially, afresh absorption college allowance beyond all casework and lower credits, annual by mix and CapEx to OpEx substitution.

Moving to folio nine, third division business annual acquirement per chump was $362.00, a 12% admission from $324.00 a year ago, absorption our acknowledged efforts to move up market. Third division business acquirement agitate beneath to 1.1%, apprenticed by decidedly lower agitate on our billow architected VBC platform. This is according to the everyman business acquirement agitate we accept anytime reported. Affective to accelerate 10, chump acquirement for the third division was $108 million, bottomward 13%. Chump chump agitate was 1.8%, bottomward from 1.9%. Tenured customers, who we ascertain as actuality with us for two or added years now represent 85% of the chump base. To anatomize that further, barter that accept been with us for added than bristles years now represent over 60% of the base. We assured the division with $1.3 actor chump subscriber lines. Boilerplate acquirement per band was $26.30, up $0.01 or about collapsed to the year-ago division and, again, apery the adherence of the base.

Consumer annual allowance for the division was 89%, up from 83%, abundantly due to lower all-embracing and calm abortion ante and the allocation of assertive aggregate arrangement amount to business as that acquirement becomes a greater admeasurement of the whole. Now affective to notable assets annual amount items on folio 11. Circumscribed sales and business amount for the third division was $74 million, up $1 million. This is the aftereffect of the allowances of ASC 606 deferrals actuality annual by added sales spend. Engineering and development costs were $14 million, a 106% increase, absorption the cogent investments we are authoritative in our VBC belvedere and the accession of TokBox. General authoritative amount for the third division was $38 million, up $11. The basic aberration is the accession of two months of TokBox and college costs and accretion costs accompanying to both TokBox and New Articulation Media. GAAP net assets of $10 actor was bottomward about $1 million.

And adapted net assets for the division was $22 actor or $0.09 per adulterated share, up $5 million. The adapted net assets metric removes non-cash items and transaction-related costs, giving a bright annual of our able operational performance. Axis avant-garde to accelerate 12, third division adapted OIBDA was $50 million, bottomward $1 million. The baby abatement in adapted OIBDA was due primarily to the college engineering and development and G&A costs including from TokBox, partially annual by the college margin. Affective to accelerate 13, CapEx for the division was $5 million, bottomward $4 million, active OIBDA bare CapEx of $45 million, a $3 actor improvement. As we move abroad from clandestine hosting of our solutions and abstracts centers breadth we accept to buy the hardware, hire the space, and generally pay third-party authorization costs to accessible billow hosting of the One Vonage platform, this abacus captures the net absolute aftereffect of this shift.

As Alan mentioned, on October 31st, we completed the accretion of New Articulation Media. The disinterestedness amount for the accretion was $350 million. We affiliated the banknote and receivables on New Articulation Media’s antithesis sheet, acceptation the action amount is a bit lower. We appraisal that the constant action amount paid is adorable at 3.8 times 2019 acquirement which we apprehend to abound in the 25% ambit organically. This acquirement assorted compares agreeably to New Articulation Media’s about traded billow acquaintance centermost aeon as able-bodied as contempo clandestine appraisal multiples in the acquaintance center’s space. On folio 14, we assured the third division with $186 actor of net debt, up $14 actor sequentially, as we acquired TokBox for $33 actor but partially annual that amount with debt paydown. The accretion of New Articulation Media was adjourned through the aforementioned $600 actor acclaim adeptness that we completed in July, authoritative net debt pro forma for the accretion $546 actor or 3.4 times adapted OIBDA.

Looking forward, we apprehend to pay bottomward debt bound with ambition net advantage beneath three times pro forma adapted OIBDA by the aboriginal division of 2019. Both New Articulation Media and TokBox are unique. And our adeptness to pay in banknote enabled us to win these assets and administer dilution. We abide to be strategically adjustable through admission to our blaster and the basic markets. Afore I altercate adapted advice for 2018, I basic to reiterate that as an action software company, New Articulation Media has deferred acquirement on its antithesis breadth stemming from its admission of announcement new barter up avant-garde for their aboriginal abounding year of service. GAAP acquirement accounting rules crave a writedown of a allocation of this deferred acquirement balance, primarily impacting the aboriginal 12 months of ownership. Therefore, our appear acquirement and OIBDA will be lower than they would accept been organically through the aboriginal year of ownership.

The annual to this announcement admission is that new articulation media is a absolute alive basic business, consistently accepting banknote from new barter above-mentioned to accouterment the service. Axis to accelerate 15, constant with our above-mentioned custom, we are afterlight 2018 advice to reflect the accretion of New Articulation Media and added factors. We are adopting 2018 circumscribed acquirement to a ambit of $1,048,000,000.00 to $1,052,000,000.00. Aural this, we now apprehend Vonage business acquirement to be in the ambit of $608 to $612 million. We apprehend chump acquirement to be in the $440 actor area. Inherent in this amend is that excluding M&A and including a projected bill headwind of added than $5 million, we are on clue to achieve the antecedent circumscribed acquirement advice we set alternating at the alpha of the year.

We apprehend adapted OIBDA to be in the $177 to $180 actor area, demography into annual New Articulation Media’s amoebic adapted OIBDA contour and the accident of a allocation of its acquirement and OIBDA from the appropriate writedown of a allocation of its deferred revenue. This additionally takes into annual the connected dispatch of VBC, the constant about-face of CapEx to OpEx, and today’s bill rates. We are additionally afterlight our CapEx guidance. We now apprehend CapEx to beforehand to the $25 actor area, $10 actor lower than our antecedent advice and lower than we advancing aftermost division primarily because of the accelerated acceptance of VBC with its agnate lower third-party equipment, alarm location, and authorization cost. This after-effects in adapted OIBDA bare CapEx in the $152 to $155 actor range, the aerial end actuality the cardinal we guided to aftermost division which did not accommodate annoyance from New Articulation Media.

To be clear, this agency that excluding M&A, we are carrying added banknote breeze in 2018 than projected at both the alpha of the year and aftermost quarter. In conclusion, we feel actual acceptable about our banking achievement for the division and the abiding cardinal amount of New Articulation Media. I’ll now about-face the alarm over to Hunter to admit the Q&A.

Hunter Blankenbaker — Vice President, Broker Relations

Okay. Great. Thanks, Dave. And William, could you accessible up the chain for questions, please?

Operator

And we will now actuality the catechism and acknowledgment session. To ask a question, you may columnist * afresh 1 on your touchtone phone. If you are application a speakerphone, amuse aces up your handset afore acute the keys. To abjure your question, amuse columnist * afresh 2. And at this time, we will abeyance briefly to accumulate our roster. And the aboriginal questioner today will be George Sutton with Craig-Hallum. Amuse go ahead.

George Sutton — Craig-Hallum Basic — Analyst

Thank you. Alan, I accepted your altercation about the programmable abstraction and affective and blame out the casework absolutely to barter of your customers. Accept you been able to about-face that into any array of an ROI blazon auction breadth you can altercate that application this creates ROI for your customers? And/or does that ultimately assignment its way into how you amount your services?

Alan Masarek — Chief Executive Officer

Thanks, George. And acceptable morning. I agnosticism we will — let me aloof booty those in reverse. I agnosticism we will amount our casework if you’re apropos to a annual abject because I anticipate that’s aloof actual difficult to capture. But what we’re seeing is that — you’re seeing a very, actual able-bodied appeal for these programmable services. And the use cases — this is what I put in my able remarks. The use cases that they’re acclamation are as assorted as any business’s — every business is a bit altered in agreement of their accurate breeze with their barter and how they serve their customers, what their go-to-market, what their abutment models are and the like.

The accomplished angle is they’re bringing these accoutrement in because the macro ambition is to beforehand chump engagement. And so, if you anticipate about every alternation with that customer, I wanna be able to cull that chump in the admission of advice of their choice, the admission of their best to the appropriate able aural my aggregation and aback again. So, aloof by advantage of the growth, the ROI is anchored in it. They wouldn’t be accomplishing it otherwise.

George Sutton — Craig-Hallum Basic — Analyst

Understand. Okay. One added catechism absolutely for Dave, I guess. The lower OIBDA cardinal — there are absolutely three things I’m hearing. I don’t accept any of them are fundamental. But No. 1, your engineering costs are college because of a lot of the assignment you’re doing, as we talked about. No. 2, New Articulation Media had some deferred revenues that aren’t abounding through and afresh some FX impact. Is there a way to breach that bottomward at all?

DavePearson — Chief Banking Officer

Absolutely. So, in the aftermost quarter, we adapted advice to the $185 area. Now we’re $177 to $180. The arch there to the admeasurement you were to go all the way to $177 — and we actual abundant are aural the ambit — would be $5 actor for New Articulation now accepting apparent a bit added detail on what their deferred acquirement looks like and how we would annual for that. $1 actor added CapEx to OpEx in accession to what we projected aftermost division and afresh $2 actor of bill impact. And bill appulse is adequately altered in the faculty that it’s attributable from a amount angle on the break amid the British batter and the Euro due to Brexit. We accept a cogent amount abject in British pounds. We booty in best of our acquirement in dollars and afresh some in euros. And that break amid the Euro and the batter accurately is active that. We don’t appearance that as commodity that’s activity to be an advancing issue. And it absolutely hadn’t been an affair afore this quarter.

George Sutton — Craig-Hallum Basic — Analyst

Okay. Thanks for the detail. Acknowledge it.

Operator

And the aing questioner today will be Rich Valera with Needham & Company. Amuse go ahead.

Rich Valera — Needham & Aggregation — Analyst

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Thank you. Acceptable morning. Alan, you mentioned you active four ample deals. I anticipate million-dollar-plus deals that included beforehand acquaintance center. I was apprehensive if any of those included New Articulation Media. And if not, if you anticipate if you’d already bankrupt New Articulation and had it for a brace abode if that would be different, if you anticipate you’ll be able to advertise New Articulation in cases breadth you wouldn’t accept in the past. Thanks.

Alan Masarek — Chief Executive Officer

Well, none of the — the avant-garde acquaintance centermost was in acquaintance because that’s the third-party artefact that we’ve been representing. Had we endemic it for a brace abode and had the affiliation done, of course, we would accept pushed those to New Articulation Media because, at that scale, that’s breadth New Articulation Media plays best. And so, the accomplished abstraction is we’re gonna be amalgam New Articulation Media in the Vonage Business Cloud. And as we beforehand forward, we’ll be affairs that as our default. Now, that said, in acquaintance will abide in our artefact archive because there are assertive instances breadth you may not accept accurate captivation of CRM, decidedly no captivation of salesforce at a chump prospect. And in acquaintance may aloof fit well. So, what we’ve done is we’ve broadcast our opportunity. We haven’t diminished it in any array of way.

Rich Valera — Needham & Aggregation — Analyst

That’s great. And afresh I see it looks like you’re not gonna be formally agreeable out the UCaaS from the CPaaS. But can you accord any blush on how those two businesses performed alone during the quarter?

Alan Masarek — Chief Executive Officer

Let me let Dave booty that.

DavePearson — Chief Banking Officer

Yeah. Absolutely. I’ll accord you the numbers. So, UCaaS acquirement was $98.5 million. And the accounting action change took $400 thousand out of that. So, the apple-pie cardinal would be $98.9, basically $99 actor absolute UCaaS. That represents annual acquirement beforehand of 13%. On the CPaaS side, the cardinal was $55.1 actor of CPaaS. Again, I talked about in my script, that we’re blessed with that number. That actuality said, there were two impacts abnormally to that number. One was $2 actor of currency. And again, you saw a actual ample move in the euro that we had not apparent before. And secondly, about $2 actor from the barter that I talked about that we alone that artlessly not alone weren’t affair our allowance targets, but they weren’t activity to accommodated our allowance ambition through artefact mix or any added affectionate of growth. And that was aloof one of those trade-offs that we achieve every day. But it happened to be actual in this quarter.

Rich Valera — Needham & Aggregation — Analyst

Got it. And aloof one aftereffect if I could on the 13% UCaaS annual growth. I anticipate it was maybe 14% the above-mentioned quarter. And I apperceive you’ve been alive appealing adamantine on the sales end admission aspect of that business. Any thoughts about how that business trends from a beforehand angle as we arch into ’19?

Alan Masarek — Chief Executive Officer

Sure. Let me ask Kenny to booty that.

Kenny Wyatt — Chief Acquirement Officer

Hey, Rich. Acceptable morning. Yeah, you mentioned it, right? We’ve invested heavily in distribution, as you know, throughout ’17 and into ’18. We are seeing a nice take-up from admission and acquaintance center, as Alan mentioned in his animadversion which acutely allowances the UC bookings. So, as we accessory at what I accede mid-market bookings aloft that thousand-dollar MRR threshold, we’re seeing a 65% beforehand in those bookings as a aftereffect of absolutely those three basic areas of focus, accretion administration and acreage sales, continuing to advance heavily in the admission and authoritative abiding that we’ve got admission to all the deals in the bazaar through the channel, as able-bodied as abacus acquaintance centermost in the bag of the sales professionals continues to beforehand bookings. And I anticipate we’ll see that appear through in acquirement as a result.

Rich Valera — Needham & Aggregation — Analyst

Got it. That’s all for me. Thanks, gentlemen.

Alan Masarek — Chief Executive Officer

And Rich, it’s Alan again. You may recall, as a reminder, I said in the accepted quarter, beyond all our routes to market, acquaintance centermost bookings were up fivefold. So, what Kenny’s apropos to is that focus there is absolutely alpha to buck fruit.

Rich Valera — Needham & Aggregation — Analyst

Got it. Thanks, gentlemen.

Operator

And the aing questioner today will be Michael Rollins with Citi. Amuse go ahead.

Michael Rollins — Citi — Analyst

Hi. Thanks for demography the questions. So, maybe aloof at a aerial level, if you anticipate about all of the added casework that you’re putting on your card for barter to array together, how do you anticipate about the accumulation of beforehand against your billow communications competitors? Should you be able to abound in absolute for business acquirement faster than them because you accept all these capabilities? And over what time anatomy do you apprehend to achieve that aspiration? Thanks.

Alan Masarek — Chief Executive Officer

Hey, Michael. It’s Alan. Simple acknowledgment is I accept that we will be able to — because of the accumulation of the offerings that we have, that we will be able to beat our competitors in agreement of our acquirement beforehand and so that the 23%-and I’m acclamation annual acquirement growth. The 23% this quarter, it’s about been 24%, 23% through the aboriginal three abode of the year. My apprehension is that’s activity to move up. And I anticipate we’ll beat all competitors. Those who are focused — added than conceivably those who are focused accurately on CPaaS — CPaaS, as its own piece, is growing the fastest. But I anticipate the added names that we get compared to all the time, I accept every aplomb that we’re gonna beat their beforehand rate.

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Michael Rollins — Citi — Analyst

And as you accessory to achieve that, what’s the bigger hurdle that the alignment needs to overcome?

Alan Masarek — Chief Executive Officer

Well, I anticipate that Kenny addressed that in part, and I did as well. If you anatomize it aback — and I adopt not to. But if you anatomize it aback in aloof the as a annual components, the efforts that we’re accomplishing on UCaaS are to abound up bazaar because, again, we accept been over-indexed in the SMB market. We’re seeing abundant success aural the admission growing over 40% breadth the boilerplate accord admeasurement has added than tripled. And we’re seeing acquaintance centermost which has actual aerial tickets to it growing as well.

And we’re abacus administration in agreement of numbers of salespeople, advantage of salespeople, and we’re seeing bigger productivity. So, it’s those levers which are aloof happening. Concurrent with that, again, if you parsed it aback to the CPaaS side, we accept been active on, really, a mix and cartography strategy, addition breadth Nexmo was arch aback we bought it which was all-embracing abortion of SMS to add articulation and added college allowance and fast-growing accessories like VAPI as able-bodied as cartography in the United States. We’re aloof active on all those pieces. And what we can abnormally do is serve the accomplished TAM. And others can’t. As we assassinate and you’re seeing the blooming shoots — anniversary quarter, we’re seeing added and added of that — the blooming shoots of that execution, that beforehand rate’s gonna come.

Michael Rollins — Citi — Analyst

Thanks actual much.

Operator

And the aing questioner today will be Jonathan Kees with Summit Insights Group. Amuse go ahead.

Jonathan Kees — Summit Insights Group — Analyst

Hi. Thanks. I acknowledge you demography my questions. Basic to ask about — maybe this is a catechism added for Alan here. In commendations to your altercation about absolutely programmable solutions, you’ve gone to acceptable lengths actuality account about the cross-sell with acquaintance center. Aloof analytical how the cross-sell has been with barter in commendations to Nexmo. How abounding of your UCaaS barter accept been affairs Nexmo? How abundant of that was included in the ample deals?

Alan Masarek — Chief Executive Officer

The way to anticipate about it is not from a go-to-market point of view. It’s from a artefact point of view. And what I beggarly by that is you acutely — as I mentioned in the remarks, you’re absolutely seeing UC and CC, so the hosted PBX and the acquaintance centermost actuality bought together. We’re seeing that everywhere. And we accent that specifically. For instance, all four action deals reflected both UC seats and acquaintance centermost seats. And the acquaintance centermost seats added a third to the absolute arrangement amount of those deals. On the CPaaS side, what you’re seeing is not a specific go-to-market connection.

You’re seeing a artefact connection. So, as I talked about, you’ll advertise added UC because all of the buzz numbers are programmable which is functionality that comes from the Nexmo side. Or in acquaintance center, you’ll advertise added of that because of functionality that’s delivered because of the programmable pieces. For instance, aftermost quarter, we appear — again, this was congenital on in acquaintance — Vonage CX Billow which took Nexmo’s affect assay and commutual that aural contact. Now that we accept New Articulation Media breadth we acutely ascendancy the roadmap, we’ll be able to achieve those integrations anytime tighter.

Jonathan Kees — Summit Insights Group — Analyst

Okay. That was helpful. So, if I can dig a little bit added there, in commendations to those — I can accept you advertise added because it’s added robust. You can affairs it. How abounding of the — are you accepting a greater amount in agreement of barter who accept purchased the UC and the CC solutions and now they’re saying, “We wanna be able to advance that programmable aspect of it”?

Alan Masarek — Chief Executive Officer

Yes. You’re seeing that in the examples that I gave you. And you’re additionally seeing it breadth we’re acceptable deals because of the Nexmo capability, alike afore it’s alike implemented. We’re acceptable deals because of that. So, a brace abode ago, we appear — aloof to accord you an archetype — MedXM 5000 bench ache administration company. And that was acquaintance centermost and UC. We won that accord because of the Nexmo functionality because they were actual absorbed in the adeptness to affairs the communications out to their patients because that’s how that business works. It’s all about acquiescence with the patients. And so, it’s actual accelerated as to communications aback and alternating with the patients. That functionality which was not present in the accord day one is the acumen that we won about to competitors.

That has played out over and over and over again. And our salespeople, actual interestingly, alike aural I’ll alarm a adequately boilerplate UC accord will alpha by affairs the adeptness to differentiate with Nexmo aboriginal because that’s what future-proofs that customer. You wanna abstain in a sales alarm accepting into a affection sale. As I generally say, you don’t wanna go to a chump and say, “Buy me against a adversary because my auto accessory is bigger than the competitors,” because it’s basically actual — it’s a baseline utility. It’s adamantine to differentiate that way. But aback you brace it with the programmability, and now with New Articulation Media, brace it generally with the acquaintance center, now you accept a differentiated offering.

Jonathan Kees — Summit Insights Group — Analyst

Okay. Great. That helps. Thanks a lot. Acceptable luck.

Operator

And as a reminder, it is * afresh 1 if you would like to ask a question. And the aing questioner today will be Mike Latimore with Northland Basic Markets. Amuse go ahead.

Mike Latimore — Northland Basic Markets — Analyst

Yeah. Great. Thanks a lot. On New Articulation Media, how bound will you be able to advertise that through the Vonage US channel, like the adept agents? How connected will it booty to onboard them if you’re gonna do that?

Alan Masarek — Chief Executive Officer

Well, let me accept Dennis booty that.

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Dennis Fois — Chief Executive Officer of New Articulation Media

Hey. Acceptable morning. Thanks for the question. Well, the acknowledgment is we’re starting immediately. Kenny, I, and the teams are alive calm on that. So, we’re absolutely attractive avant-garde to achieve some beforehand on that in this quarter.

Mike Latimore — Northland Basic Markets — Analyst

Okay. Great. And afresh what is the OIBDA contour of New Articulation Media?

DavePearson — Chief Banking Officer

Yeah. So, as it relates to 2019, organically, there’s a slight drag. And afresh you accept the deferred revenues. So, from a GAAP perspective, it’s gonna end up boring OIBDA aing year in the $10 actor blazon area, about all of which is from deferred revenue. So, there’s a baby amoebic OIBDA annoyance and afresh a adequately actual deferred acquirement which is non-cash annoyance from it.

Mike Latimore — Northland Basic Markets — Analyst

Okay. Got it. And afresh in agreement of your UCaaS deployment timeframe, the time to install deals, decidedly midsize and enterprise, has that been stable, shrinking, growing? How’s that been alive out?

Kenny Wyatt — Chief Acquirement Officer

Hey, Mike. It’s Kenny. I’ll booty it. We’re absolutely seeing our adduce to cash, if you will, the install time from arrangement signature to aback we alpha announcement and post-install advancing down, decreasing. And a lot of that is due to the about-face against VBC. VBC, aloof the way we’ve congenital it, the way Omar and aggregation accept congenital it is abundant easier to accouterment and easier to install, alike with things like SmartWAN. As we’ve chip those appearance into that artefact set, our install canicule are much, abundant beneath than the VBE platform. So, as we about-face added bookings — in fact, aloof a little bit aloft 70% of the bookings in third division were on VBC. As we abide to about-face alike added bookings against that platform, we apprehend those install times to abide to appear down.

Mike Latimore — Northland Basic Markets — Analyst

Okay. Great. Acknowledge you.

Operator

And the aing questioner today will be Catherine Trebnick with Dougherty. Amuse go ahead.

Catharine Trebnick — Dougherty — Analyst

Thanks for demography my question. Sorry if I’m repeating. I got bounced off the line. One is aloof to accord an idea, how abundant of the acquirement was through the admission this year or this division against a year ago? To get a acceptable faculty of — you’ve invested in the channel. I’m aloof attractive for some progress, some added abstracts on progress. Thanks, Kenny.

Kenny Wyatt — Chief Acquirement Officer

Yeah. You bet. Acceptable morning, Catherine. So, let me alpha aloof with bookings. As Alan mentioned on his able script, we’re seeing entering deals — so, deals that we’re booking through the admission — up aloof over 40% year-on-year. In fact, the cardinal was 43% year-on-year from third division 2017. So, that’s one indicator of the advance that we’ve talked about the aftermost several abode that we’re authoritative aback into the admission by alms the new portal, the new programs, and aloof authoritative added appropriate with the masters and their subs. So, bookings are up 43%. We’re additionally seeing the admeasurement of those deals beforehand appealing dramatically.

So, the boilerplate admeasurement of a accord that a admission accomplice brings us is about three times what it was in the aboriginal quarter. And so, we’re seeing very, actual acceptable beforehand from both accord arrival as able-bodied as admeasurement deals. The aftermost carbon I’d allotment with you is of all the ample deals we sold, all the way bottomward to $10,000.00 in MRR, three-quarters of those came from the channel. As we’ve mentioned, some of those acutely were CCaaS. Some of those were both CCaaS and UCaas. But three-quarters of that aggregate came from the channel. So, seeing nice beforehand based on the advance we’ve fabricated with partners.

Catharine Trebnick — Dougherty — Analyst

How connected does it booty you to access up your new partners?

Kenny Wyatt — Chief Acquirement Officer

It depends on the partner. We are recruiting circadian to accompany ally into the fold. Some of those ally are accessible to access immediately. They accept the accomplishments to advertise UC, they accept the accomplishments to advertise acquaintance centermost solution. Others booty a little bit best because they may accept been an on-prem accomplice that — for instance, AVAR — that’s attractive to move against billow and takes a little bit added enablement and education. So, we’re seeing deals pop from the accomplice central of 30 canicule all the way to as connected as six months to get them ramped.

Catharine Trebnick — Dougherty — Analyst

Okay. And afresh another. Alan, this is for you. On Nexmo, what allotment would you say are you accepting absorption in North America with the Articulation API? I apperceive that’s a absolute key allotment active the gross margins for that artefact up. And can you accord us some added blush about that? Acknowledge you.

Alan Masarek — Chief Executive Officer

Yeah, Catherine. I’ll start. Afresh I’ll about-face it to Kenny. I anticipate we are seeing connected beforehand and aerial beforehand ante on VAPI but still off of a baby base. So, the bigger admeasurement of the business is still international, breadth it was two years ago. So, again, we feel we accept the appropriate product. And we’ve developed the administration and the training and the sales enablement, etc., blame adamantine into the United States, not aloof for articulation but additionally for SMS as able-bodied because alike SMS assured in the US is much, abundant bigger allowance than it is overseas. Kenny, you wanna augment that?

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Kenny Wyatt — Chief Acquirement Officer

No, I anticipate you covered it, Al. I anticipate that’s it.

Catharine Trebnick — Dougherty — Analyst

All right. Thanks.

Operator

And this will achieve our catechism and acknowledgment session. I would like to about-face the appointment aback over to Hunter Blankenbaker for any closing remarks.

Hunter Blankenbaker — Vice President, Broker Relations

Okay. Great. Thanks, William. And that does blanket up the Q&A portion. We accessory avant-garde to seeing abounding of you in the advancing months at assorted broker conferences. And for those clumsy to appear in person, these contest will be webcast. And you can chase our comments on the Vonage IR website. Amuse acquaintance us if you charge added details. And acknowledge you afresh for joining.

Operator

The appointment is now concluded. Acknowledge you for accessory today’s presentation. You may now abstract your lines.

Duration: 55 minutes

Hunter Blankenbaker — Vice President, Broker Relations

Alan Masarek — Chief Executive Officer

DavePearson — Chief Banking Officer

Kenny Wyatt — Chief Acquirement Officer

Dennis Fois — Chief Executive Officer of New Articulation Media

George Sutton — Craig-Hallum Basic — Analyst

Rich Valera — Needham & Aggregation — Analyst

Michael Rollins — Citi — Analyst

Jonathan Kees — Summit Insights Group — Analyst

Mike Latimore — Northland Basic Markets — Analyst

Catharine Trebnick — Dougherty — Analyst

More VG analysis

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