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Syniverse Holdings Inc. (SVR) filed Quarterly Report for the period ended 2011-09-30.
Syniverse Hldgs has a market cap of $2.17 billion; its shares were traded at around $0 with a P/E ratio of 19.2 and P/S ratio of 4.5.
This is the annual revenues and earnings per share of SVR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SVR.
Highlight of Business Operations:
For the three months ended September 30, 2011, revenues increased $36.8 million, or 22.1%, to $203.7 million from $166.9 million for the three months ended September 30, 2010. The increase was primarily driven by transaction volume increases in our Network and Roaming services. Operating expenses increased $9.4 million primarily due to higher cost of operations driven by higher variable and data processing costs including message termination fees and higher headcount-related expenses including performance-based compensation. Depreciation and amortization expenses increased $30.1 million to $49.2 million for the three months ended September 30, 2011 from $19.1 million for the same period in 2010. The increase was primarily driven by the higher intangible assets recorded in purchase accounting for the Merger. Restructuring and management termination benefits expenses were $0.7 million for the three months ended September 30, 2011 and resulted from additions to existing restructuring plans for the termination of certain sales management positions. Operating income decreased $3.3 million to $42.3 million for the three months ended September 30, 2011 from $45.6 million income for the same period in 2010. The change in operating income was primarily driven by the effects of the Merger. Specifically, the Merger resulted in increased intangible amortization expense as well as higher interest expense as a result of our increased indebtedness.Roaming services revenues increased $14.0 million, or 26.7%, to $66.3 million for the three months ended September 30, 2011 from $52.4 million for the same period in 2010. Roaming services revenues increased $31.5 million, or 22.6%, to $170.7 million for the nine months ended September 30, 2011 from $139.2 million for the same period in 2010. The increase was primarily due to volume growth driven by our data clearing house partially offset by the impact of lower pricing for customer contract renewals. Volume growth in our data clearing house continues to be predominantly generated by data sessions and SMS although we experienced a small increase in voice sessions compared to the prior year.
Cost of operations increased $5.4 million to $67.3 million for the three months ended September 30, 2011 from $61.9 million for the same period in 2010. Cost of operations increased $23.2 million to $201.3 million for the nine months ended September 30, 2011 from $178.1 million for the same period in 2010. The increase was primarily due to variable data processing costs including messaging termination fees associated with increased volumes across our service offerings, higher headcount related expenses, network infrastructure capacity upgrades and increased software maintenance and support costs. As a percentage of revenues, cost of operations decreased to 33.0% and 35.1% for the three months and nine months ended September 30, 2011, respectively, from 37.1%and 37.5% for the three months and nine months ended September 30, 2010, respectively.
Sales and marketing expenses increased $2.1 million to $17.4 million for the three months ended September 30, 2011 from $15.2 million for the same period in 2010. Sales and marketing expenses increased $7.4 million to $48.9 million for the nine months ended September 30, 2011 from $41.5 million for the same period in 2010. The increase is driven by higher headcount and travel related expenses associated with expanding our sales force and product management to support growth in developing markets including performance-based compensation, increased sales incentives and trade show events. As a percentage of revenues, sales and marketing expense decreased to 8.5% for the three and nine months ended September 30, 2011, respectively, from 9.1% and 8.8% for the three and nine months ended September 30, 2010, respectively.
General and administrative expenses increased $1.9 million to $26.9 million for the three months ended September 30, 2011 from $25.0 million for the same period in 2010. General and administrative expenses increased $2.3 million to $73.7 million for the nine months ended September 30, 2011 from $71.4 million for the same period in 2010. The increase was primarily due to higher headcount-related expenses including performance-based compensation and professional services. As a percentage of revenues, general and administrative expense decreased to 13.2% and 12.9% for the three and nine months ended September 30, 2011, respectively, from 15.0% for the three and nine months ended September 30, 2010, respectively, due to the leveraging of costs across the increased revenues.
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