We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Syniverse Holdings | NYSE:SVR | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 30.98 | 0.00 | 01:00:00 |
From Jul 2019 to Jul 2024
Syniverse Holdings, Inc. (NYSE:SVR), a leading provider of technology and business solutions for the global telecommunications industry, today reported results for second quarter 2010.
“Key drivers propelling performance during the reporting period included the increasing use of mobile data and the growing popularity of mobile messaging for personal and business communications,” said Tony Holcombe, President and CEO. “Strong organic growth fueled by sales to new and existing customers, plus a renewal rate of 99%, led us to increase full-year guidance to reflect our market momentum.”
Syniverse cited solid results for the quarter:
David Hitchcock, Executive Vice President and CFO, said the momentum Syniverse saw during the first quarter continued throughout the first half of the year.
“Execution remains strong, and Syniverse continues to generate solid earnings and cash flow,” he said. “As for the integration of our acquired messaging assets, we continue on schedule and expect the process to be substantially completed by year end.”
Please refer to the information set forth at the end of this news release under the headings “Non-GAAP Measures” and “Reconciliation of Non-GAAP Measures to GAAP” for an explanation of non-GAAP financial measures as well as a reconciliation of such non-GAAP financial measures to GAAP financial measures.
Second Quarter 2010 Operating Segment Review: Segment revenue and operating income are summarized in the tables included with this press release.
Roaming Services
Roaming revenues were $73.0 million in the quarter, a 14.0% increase compared to second quarter 2009. Revenues were higher due primarily to increased volumes in our roaming clearing house; increases in UniRoam, a service used for interstandard roaming; Signaling Solutions; and Mobile Data Roaming.
Messaging Services
Messaging revenues were $49.3 million compared to $7.9 million in the second quarter 2009. The increase was driven by our messaging acquisition, which contributed $43.1 million of revenue in the quarter.
Network Services
Network revenues, excluding Off-Network Database Queries of $1.3 million, were $31.7 million, a 9.5% decrease from second quarter 2009. This decrease is primarily due to certain customer migrations from our SS7 solutions, partially offset by increases in our IPX transport services.
Outlook
The company is revising guidance and providing the following outlook for 2010:
Net Revenues $615 – 635 million Net Income $82 – 89 million Adjusted EBITDA $255 – 265 million Cash Net Income $129 – 135.5 million Operating Free Cash Flow $100 million or greaterExpected Adjusted EBITDA and cash net income have been adjusted to exclude the expected one-time costs in 2010 related to the integration of the messaging business.
Second Quarter 2010 Earnings Call
Syniverse will host a conference call at 4:30 p.m. ET to discuss the results. To participate on this call, U.S. callers may dial toll free 1-866-202-4367; international callers may dial direct +1 617-213-8845. The passcode for this call is 65311239. This event also will be webcast live over the Internet in listen-only mode at http://www.syniverse.com/investorevents.
A replay of this call will be available beginning at approximately 7:30 p.m. ET on Aug. 2 and will remain available through Aug. 9 at 11:59 p.m. ET. To access the replay, U.S. callers may dial toll free 1-888-286-8010; international callers may dial direct +1 617-801-6888. The replay passcode is 48098778.
About Syniverse
Syniverse Technologies (NYSE:SVR) makes mobile work for more than 800 mobile operators, cable and Internet providers, and enterprises in over 160 countries. With unmatched expertise and more than 20 years simplifying the complexities of roaming, messaging and networking, Syniverse serves as the force at the center of the mobile communications universe, keeping people connected today and forging new connections for tomorrow. Nobody knows mobile like Syniverse. For more information, visit www.syniverse.com, follow Syniverse on Twitter or find Syniverse on Facebook.
Cautionary Notice Regarding Forward-Looking Statements
Certain of the statements in this press release may constitute “forward-looking statements” for purposes of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Syniverse to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements include, without limitation, statements regarding Syniverse’s expectations of continued growth of its product portfolio and competitive position; Syniverse’s ability to successfully integrate its acquired businesses and the expected cost of such integration; Syniverse’s belief of the value of Non-GAAP measures to its investors; and Syniverse’s guidance for 2010, as contained under the caption “Outlook,” including, without limitation, expected net revenues, net income, Adjusted EBITDA, cash net income and operating free cash flow for 2010, as well as the assumptions, estimates, and judgments applied in creating such guidance.
These forward-looking statements are based upon information presently available to the company’s management and are inherently subjective, uncertain and subject to change, due to any number of risks and uncertainties, including, without limitation, those other risks and factors discussed in Syniverse’s Annual Report on Form 10-K for the year ended Dec. 31, 2009, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, under the captions “Cautionary Notice Regarding Forward-Looking Statements” and “Risk Factors” and otherwise in Syniverse’s reports and filings that it makes with the Securities and Exchange Commission.
You should not place undue reliance on any forward-looking statements, since those statements speak only as of the date that they are made. Syniverse has no obligation and does not undertake to publicly update, revise or correct any of the forward-looking statements after the date of this news release or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise, except as otherwise may be required by law.
Syniverse Holdings, Inc. Condensed Consolidated Statements of Income (unaudited) (In thousands except per share information) Three Months Ended Six Months Ended June 30, June 30, 2010 2009 2010 2009 Revenues from external customers $ 157,543 $ 111,775 $ 305,416 $ 219,457 Off-Network Database Queries 1,262 1,703 2,405 2,945 Total Revenues 158,805 113,478 307,821 222,402 Cost of operations 59,880 40,904 116,149 80,862 Gross Margin 98,925 72,574 191,672 141,540 Gross Margin % 62.3 % 64.0 % 62.3 % 63.6 %Gross Margin % before Off-Network Database Queries
62.8 % 64.9 % 62.8 % 64.5 % Sales and marketing 13,677 8,835 26,308 17,523 General and administrative 23,686 17,005 46,389 34,003 Depreciation and amortization 18,365 14,037 37,284 27,621 115,608 80,781 226,130 160,009 Operating income 43,197 32,697 81,691 62,393 Other expense, net: Interest expense, net (6,797 ) (7,446 ) (13,604 ) (14,610 ) Other, net 180 851 804 1,134 (6,617 ) (6,595 ) (12,800 ) (13,476 ) Income before provision for income taxes 36,580 26,102 68,891 48,917 Provision for income taxes 14,244 9,624 26,826 16,407 Net income 22,336 16,478 42,065 32,510 Net loss attributable to noncontrolling interest 281 53 559 53 Net income attributable to Syniverse Holdings, Inc. $ 22,617 $ 16,531 $ 42,624 $ 32,563 Net income per common share: Basic $ 0.32 $ 0.24 $ 0.61 $ 0.47 Diluted $ 0.32 $ 0.24 $ 0.61 $ 0.47 Weighted average common shares outstanding: Basic 68,518 67,945 68,402 67,907 Diluted 68,899 68,029 68,738 67,980 Syniverse Holdings, Inc. Condensed Consolidated Balance Sheets (In thousands except share data) June 30, December 31, 2010 2009 (Unaudited) ASSETS Current assets: Cash $ 120,724 $ 91,934 Accounts receivable, net of allowances of $7,481 and $7,290, respectively 136,577 126,127 Prepaid and other current assets 26,513 20,813 Total current assets 283,814 238,874 Property and equipment, net 74,191 64,315 Capitalized software, net 67,680 75,249 Deferred costs, net 6,534 7,388 Goodwill 657,002 685,710 Identifiable intangibles, net 215,370 234,938 Other assets 1,636 3,250 Total assets $ 1,306,227 $ 1,309,724 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,056 $ 8,020 Transition services payable - 16,609 Accrued payroll and related benefits 14,166 9,832 Accrued interest 5,149 5,150 Accrued income taxes 877 1,468 Deferred revenues 7,190 6,197 Other accrued liabilities 26,366 32,042 Current portion of Term Note B 3,261 3,452 Total current liabilities 62,065 82,770 Long-term liabilities: Deferred tax liabilities 93,390 87,254 7 3/4% senior subordinated notes due 2013 175,000 175,000 Term Note B, less current maturities 313,825 334,012 Other long-term liabilities 11,267 9,534 Total liabilities 655,547 688,570 Stockholders' equity: Preferred stock, $0.001 par value; 300,000 shares authorized; no shares issued - -Common stock, $0.001 par value; 100,300,000 shares authorized; 70,026,259 shares issued and 69,826,261 shares outstanding and 69,574,505 shares issued and 69,382,507 shares outstanding at June 30, 2010 and December 31, 2009, respectively
70 69 Additional paid-in capital 493,578 483,227 Retained earnings 192,206 149,582 Accumulated other comprehensive loss (36,189 ) (12,205 )Common stock held in treasury, at cost; 199,998 at June 30, 2010 and 191,998 at Dec. 31, 2009
(15 ) (15 ) Total Syniverse Holdings, Inc. stockholders' equity 649,650 620,658 Noncontrolling interest 1,030 496 Total equity 650,680 621,154 Total liabilities and stockholders' equity $ 1,306,227 $ 1,309,724 Syniverse Holdings, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (In thousands) Six Months Ended June 30, 2010 2009 Cash flows from operating activities Net income $ 42,065 $ 32,510Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization including amortization of deferred debt issuance costs
38,138 28,481 Provision for uncollectible accounts 512 356 Deferred income tax expense 4,733 5,604 Stock-based compensation 5,992 3,015 Other, net (57 ) 66 Changes in operating assets and liabilities, net of acquisition: Accounts receivable (12,978 ) 3,320Prepaids and other current assets
(5,878 ) (9,626 ) Accounts payable 1,449 (7,967 ) Transition services payable (16,609 ) - Other current liabilities (2,939 ) (7,946 ) Other long-term assets and liabilities 3,050 2,461 Net cash provided by operating activities 57,478 50,274 Cash flows from investing activities Capital expenditures (27,959 ) (20,936 ) Acquisition, net of acquired cash (497 ) (3,182 ) Net cash used in investing activities (28,456 ) (24,118 ) Cash flows from financing activities Principal payments on senior credit facility (1,657 ) (1,705 ) Issuance of stock under employee stock purchase plan 1,132 415 Issuance of stock for stock options exercised 3,783 95 Minimum tax withholding on restricted stock awards (555 ) (266 ) Capital contribution from noncontrolling interest in a joint venture 1,092 981 Net cash provided by (used in) financing activities 3,795 (480 ) Effect of exchange rate changes on cash (4,027 ) (3,435 ) Net increase in cash 28,790 22,241 Cash at beginning of period 91,934 165,605 Cash at end of period $ 120,724 $ 187,846 Supplemental cash flow information Interest paid $ 12,776 $ 13,327 Income taxes paid 22,949 21,768 Syniverse Holdings, Inc. Segment Results Supplemental Information (unaudited) Segment results: Three Months Ended June 30, Six Months Ended June 30, 2010 2009Change %
2010 2009 Change % (In thousands) (In thousands) Revenues: Roaming services $ 73,023 $ 64,049 14.0 % $ 138,928 $ 123,409 12.6 % Messaging services 49,336 7,944 521.0 % 96,748 17,366 457.1 % Network services (1) 32,935 36,701 -10.3 % 66,337 71,950 -7.8 % Corporate and Other 3,511 4,784 -26.6 % 5,808 9,677 -40.0 % Consolidated revenue $ 158,805 $ 113,478 39.9 % $ 307,821 $ 222,402 38.4 % Segment operating income (loss): Roaming services $ 45,468 $ 38,547 18.0 % $ 85,135 $ 73,578 15.7 % Messaging services 20,460 2,945 594.7 % 38,854 7,114 446.1 % Network services 8,272 12,402 -33.3 % 18,983 24,192 -21.5 % Corporate and Other (31,003 ) (21,197 ) 46.3 % (61,281 ) (42,491 ) 44.2 % Consolidated operating income $ 43,197 $ 32,697 32.1 % $ 81,691 $ 62,393 30.9 % (1) Includes Off-Network Database Query revenues of $1,262 and $1,703 for the three months ended June 30, 2010 and 2009, respectively, and $2,405 and $2,945 for the six months ended June 30, 2010 and 2009, respectively. Revenue by region: Three Months Ended June 30, Six Months Ended June 30, 2010 2009 2010 2009 (In thousands) (In thousands) North America (U.S. and Canada) $ 124,542 $ 81,731 $ 241,362 $ 159,940 Asia Pacific 10,103 9,406 18,891 18,871 Caribbean and Latin America (includes Mexico) 9,764 7,707 19,461 15,658 Europe, Middle East and Africa 13,134 12,931 25,702 24,988 Non-North American Revenue 33,001 30,044 64,054 59,517 Revenues excluding Off-Network Database Queries 157,543 111,775 305,416 219,457 Off-Network Database Queries (i) 1,262 1,703 2,405 2,945 Total Revenues $ 158,805 $ 113,478 $ 307,821 $ 222,402(i) Off-Network Database Queries are not allocated to geographic regions.
Syniverse Holdings, Inc. Reconciliation of Non GAAP Measures to GAAP (unaudited) (In thousands except share data and per share information) Three Months Ended June 30, Six Months Ended June 30, 2010 2009 2010 2009 Reconciliation to adjusted EBITDA Net income $ 22,336 $ 16,478 $ 42,065 $ 32,510 Interest expense, net 6,797 7,446 13,604 14,610 Provision for income taxes 14,244 9,624 26,826 16,407 Depreciation and amortization 18,365 14,037 37,284 27,621 Non-cash stock compensation 3,165 1,908 5,992 3,015 BSG Wireless transition expenses - 2,059 - 4,625 Messaging acquisition and integration expenses 1,116 - 1,798 - Adjusted EBITDA $ 66,023 $ 51,552 $ 127,569 $ 98,788 Three Months Ended June 30, Six Months Ended June 30, 2010 2009 2010 2009 Reconciliation to cash net income Net income $ 22,336 $ 16,478 $ 42,065 $ 32,510 Add provision for income taxes 14,244 9,624 26,826 16,407 Income before provision for income taxes 36,58026,102 68,891 48,917 Non-cash stock compensation 3,165 1,908 5,992 3,015 Purchase accounting amortization 9,082 6,917 18,285 13,708 BSG Wireless transition expenses - 2,059 - 4,625 Messaging acquisition and integration expenses 1,116 - 1,798 - Adjusted income before provision for income taxes 49,943 36,986 94,966 70,265 Less assumed provision for income taxes at 37.5% (18,728 ) (13,870 ) (35,612 ) (26,349 ) Add cash savings of tax deductible goodwill(1) 2,777 2,301 5,553 4,602 Cash net income $ 33,992 $ 25,417 $ 64,907 $ 48,518 Cash net income per share $ 0.49 $ 0.37 $ 0.94 $ 0.71 Diluted shares outstanding 68,899 68,029 68,738 67,980
(1) Represents the cash benefit realized currently as a result of the tax deductibility of goodwill amortization.
Three Months Ended June 30, Six Months Ended June 30, 2010 2009 2010 2009 Reconciliation to operating free cash flow Net cash provided by operating activities $ 39,311 $ 33,273 $ 57,478 $ 50,274 Capital expenditures (14,517 ) (14,121 ) (27,959 ) (20,936 ) Operating Free Cash Flow $ 24,794 $ 19,152 $ 29,519 $ 29,338 Syniverse Holdings Inc. 2010 Guidance Reconciliation of Non GAAP Measures to GAAP (unaudited) (In millions) 2010E 2010E Low High Reconciliation to adjusted EBITDA Net income $ 82.0 $ 89.0 Interest expense, net 27.0 27.0 Provision for income taxes 53.0 56.0 Depreciation and amortization 76.0 76.0 Non-cash stock compensation 13.0 13.0 Messaging transition expenses 4.0 4.0 Adjusted EBITDA $ 255.0 $ 265.0 Reconciliation to cash net income Net income $ 82.0 $ 89.0 Add provision for income taxes 53.0 56.0 Income before provision for income taxes 135.0 145.0 Purchase accounting amortization 37.0 37.0 Non-cash stock compensation 13.0 13.0 Messaging acquisition and integration expenses 4.0 4.0 Adjusted income before provision for income taxes 189.0 199.0 Less assumed provision for income taxes (71.1 ) (74.6 ) Add cash savings of tax deductible goodwill (1) 11.1 11.1 Cash net income $ 129.0 $ 135.5 (1) Represents the cash benefit realized currently as a result of the tax deductibility of goodwill amortization.Non-GAAP Measures
Syniverse's Adjusted EBITDA is determined by adding the following items to net income: interest expense, net, provision for income taxes, depreciation and amortization, non-cash stock compensation, and acquisition-related expenses, including transition and integration costs.
Syniverse's cash net income is calculated by (i) adding the following items to net income: provision for income taxes, non-cash stock compensation, acquisition-related expenses, including transition and integration costs and purchase accounting amortization; (ii) adjusting the resulting pre-tax sum for a provision for income taxes at an assumed long-term tax rate of 37.5%, which excludes the effect of our net operating losses; and (iii) adding to that sum the cash benefit of our tax-deductible goodwill. The cash benefit is a result of the differing treatments of approximately $436 million of goodwill on our balance sheet, which primarily is the result of acquisitions that we made from Verizon in February 2002, IOS North America in September 2004 and VeriSign's mobile messaging business in October 2009. Specifically, while this goodwill is not amortized for GAAP purposes, the amortization of goodwill is, nonetheless, deductible in calculating our taxable income and, hence, reduces actual cash tax liabilities.
Syniverse's operating free cash flow is determined by subtracting capital expenditures from net cash provided by operating activities.
A reconciliation of net income, the closest GAAP financial measure, to Adjusted EBITDA and cash net income is presented in the financial tables above under the heading "Reconciliation of Non-GAAP Measures to GAAP." A reconciliation of operating free cash flow to net cash provided by operating activities, the closest GAAP measure, also is presented in the financial tables above under the heading "Reconciliation of Non-GAAP Measures to GAAP."
We present Adjusted EBITDA and operating free cash flow because we believe that Adjusted EBITDA and operating free cash flow provide useful information regarding our continuing operating results. We rely on Adjusted EBITDA and operating free cash flow as primary measures to review and assess the operating performance of our management team in connection with our executive compensation and bonus plans. We also review Adjusted EBITDA and operating free cash flow to compare our current operating results with corresponding periods and with the operating results of other companies in our industry. In addition, we utilize Adjusted EBITDA and operating free cash flow as an assessment of our overall liquidity and our ability to meet our debt service obligations.
We present cash net income and the related per-share amount because we believe it provides useful information regarding our operating results in addition to our GAAP measures. We believe that cash net income provides our investors with valuable insight into our profitability exclusive of certain adjustments. In addition, cash net income provides further insight into the cash impact resulting from the different treatments of goodwill for financial reporting and tax purposes. We rely on cash net income as the primary measure of Syniverse's earnings exclusive of these certain non-cash charges.
We believe that the disclosure of Adjusted EBITDA, operating free cash flow and cash net income is useful to investors as these non-GAAP measures form the basis of how our management team reviews and considers our operating results. By disclosing these non-GAAP measures, we believe that we create for investors a greater understanding of and an enhanced level of transparency into the means by which our management team operates our company. We also believe these measures can assist investors in comparing our performance to that of other companies on a consistent basis without regard to certain items that do not directly affect our ongoing operating performance or cash flows.
Adjusted EBITDA, operating free cash flow and cash net income have limitations as analytical tools and should not be relied upon or considered in isolation or as a substitute for GAAP measures, such as net income, cash flows from operating activities and other consolidated income or other cash flows statement data prepared in accordance with GAAP. In addition, these non-GAAP measures may not be comparable to other similarly titled measures of other companies. Because of these limitations, Adjusted EBITDA and operating free cash flow should not be considered as measures of discretionary cash available to us to invest in the growth of our business. Cash net income also should not be considered as a replacement for, or a measure that should be used or analyzed in lieu of, net income. We attempt to compensate for these limitations by relying primarily upon our GAAP results and using Adjusted EBITDA, operating free cash flow and cash net income as supplemental information only.
1 Year Syniverse Hlgs Chart |
1 Month Syniverse Hlgs Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
