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Good afternoon everyone. I know it’s kind of late in the day. With us today we’ve got Barry Rowan, the CFO of Vonage and he’ll kick-off the presentation with a brief slide show over the company in a video and then we’ll get into Q&A.
With that I’ll give you Barry.
Thank you, Prem (ph) and thanks to all of you for joining us today. Let me remind you of the Safe Harbor statement which cautions investors regarding forward-looking statements that I’ll be referring today in today’s presentation. For those of you in the room who are not familiar with Vonage, let me take a moment to just provide an overview of the company for you and who we are.
We are a leading provider of high-quality voice and messaging services delivered over broadband network. We have 2.4 million customers and serve residential and small and home office customers in the U.S., Canada and the U.K currently. We’ve expanded our product offering to target mobile and international callers around the world. Over the last few years, we hope you’ll see, we’ve completely transformed our business, operationally, financially and strategically.
And let me touch briefly on each of these areas of progress. Operationally, we’ve upgraded systems, streamlined processes, improved the customer experience and stabilized the customer base. We’ve increased average revenue per user as we added more value to our offer and drove structural cost reductions throughout the company. These actions enabled us to absorb the cost of dramatic growth in international long distance minutes, while improving our direct margins to 58% in 2011.