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What: Shares of Vonage (NYSE:VG) have popped today by as much as 13% after the Internet phone specialist reported earnings.

So what: Revenue in the fourth quarter came in at $214 million, with earnings per share of $0.06. Average revenue per user also put up a healthy sequential increase from $29.31 to $30.15 due to price increases and other factors. Customer churn also fell by 30 basis points relative to the beginning of the year.

Now what: Due to the low-interest-rate environment, Vonage has decided to enter a new credit agreement for up to $145 million to increase its financial flexibility. In addition, the board has authorized a $100 million share repurchase program through the end of next year, replacing the previous $50 million program. For 2013, Vonage is planning to spend $5 million to $10 million per quarter investing in growth initiatives, with total capital expenditures of $30 million to $35 million.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.