Syniverse Announces Preliminary Unaudited 2007 Results

TAMPA, Fla.--(Business Wire)--Syniverse Technologies (NYSE:SVR), a leading provider of
technology and business solutions for the global telecommunications
industry, today announced preliminary results for the year ended
December 31, 2007. Based on current unaudited information, Syniverse
currently expects to report:

-- Net revenues of between $369 - $371 million, compared to net
revenues of $328.9 million for 2006.

-- Adjusted EBITDA of between $154 - $156 million, compared to
Adjusted EBITDA of $127.7 million in 2006.

-- Cash Net Income, a non-GAAP measure of profitability, of
between $74 - $75.3 million, compared to cash net income of
$57.3 million in 2006.

Syniverse expects its results to show continued strong growth in
technology interoperability, driven by continued growth in
data-related products as well as roaming and clearing services. Gross
margins and Adjusted EBITDA margins are both expected to increase,
reflecting growing revenues together with continued cost management.
Syniverse's recent acquisition of BSG Wireless was not included in its
operating results during 2007, but will be included in its balance
sheet.

"2007 was a strong year for Syniverse," said Tony Holcombe,
President and CEO of Syniverse. "This is a result of continued strong
data results and Syniverse's ongoing global expansion. Our recent
acquisition of BSG Wireless enhances our global presence while
providing significant efficiency savings and an important financial
clearinghouse service."

Outlook

The company is providing the following outlook for 2008:

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Net Revenues $425 - $440 million
Adjusted EBITDA $190 - $200 million
Cash Net Income $85 - $90 million
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Additionally, the company expects to generate operating free cash
flow in excess of $100 million in 2008.

Syniverse has not yet finalized its financial statement close
process for the year ended December 31, 2007. As it completes this
process, Syniverse may identify items that would require the company
to make adjustments to its preliminary operating results described in
this news release. Additionally, the financial information in this
press release is not a comprehensive statement of our financial
results for the year ended December 31, 2007 and should therefore be
considered together with our full results of operations when
published.

Conference Call

Syniverse will provide an overview of the combined company and its
integration plans today at 4:30 p.m. ET during a conference call.

To participate on the conference call, U.S. callers may dial
toll-free 1-800-659-2032; international callers may dial direct (+1)
617-614-2712. The passcode for this call is 78027753. The call will be
webcast live over the Internet in listen-only mode at
www.syniverse.com/investorevents.

A replay of the call will be available beginning shortly after it
concludes through Jan. 29, 2008, 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
18514412.

Earnings Release Date

The company will report fourth quarter and year-end results after
the market closes on February 19, and will host a conference call to
discuss those results at 4:30 p.m. ET.

To participate on this call, U.S. callers may dial toll-free
1-800-866-314-4483; international callers may dial direct (+1)
617-213-8049. The passcode for this call is 34094067. This event also
will be webcast live over the Internet in listen-only mode at
www.syniverse.com/investorevents.

A replay of this call will be available beginning shortly after
the call concludes through March 4, 2008, 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 55379712.

Non-GAAP Measures

Syniverse's Cash Net Income is determined by adding the cash
benefit of our tax-deductible goodwill to Adjusted Net Income. This
benefit is a result of the differing treatments of approximately $362
million of goodwill on our balance sheet created primarily from our
acquisitions from Verizon and of IOS North America. While not
amortized for GAAP purposes, goodwill amortization is deductible in
calculating our taxable income and, hence, reduces cash tax
liabilities.

Syniverse's Adjusted Net Income is determined by adding the
following to net income (loss): provision for income taxes,
restructuring costs, amortization of intangibles recorded in purchase
accounting, loss on extinguishment of debt, headquarters facilities
move expenses, transition expenses of integrating the IOS North
America business, loss from disposal of assets, SFAS 123R non-cash
compensation, data processing contract termination fee, litigation
settlement and less non-operating gains to arrive at Adjusted Net
Income (loss) before provision for income taxes. This adjusted pre-tax
result is then further adjusted for a provision for income taxes at an
assumed long-term tax rate of 39%, which excludes the effect of our
NOLs.

We present Adjusted Net Income and Cash Net Income because we
believe that Adjusted Net Income and Cash Net Income provide useful
information regarding our operating results in addition to our GAAP
measures. We believe that Adjusted Net Income provides our investors
with valuable insight into our profitability exclusive of unusual
adjustments, and Cash Net Income provides further insight into the
cash impact resulting from the different treatments of goodwill for
financial reporting and tax purposes. Neither of these non-GAAP
measures should be reviewed without consideration of our net income
and other GAAP measures.

Syniverse's Adjusted EBITDA is determined by adding the following
to net income (loss): net interest expense, provision for income
taxes, depreciation, amortization, restructuring charges, loss on
extinguishment of debt, headquarters facilities move expenses, the
transition expenses of integrating the IOS North America business,
loss from disposal of assets, SFAS 123R non-cash compensation, data
processing contract termination fee, litigation settlement and less
non-operating gains. A reconciliation of Adjusted EBITDA, Adjusted Net
Income and Cash Net Income to net income (loss) is presented in the
financial tables contained herein.

Syniverse's Free Cash Flow is determined by adding (or
subtracting) the following to Net cash provided by operating
activities: (capital expenditures), cash paid (received) in legal
settlement and (accrued but not yet paid acquisition earn-out).

We present Adjusted EBITDA and Free Cash Flow because we believe
that Adjusted EBITDA and Free Cash Flow provide useful information
regarding our continuing operating results. We rely on Adjusted EBITDA
and Free Cash Flow as primary measures to review and assess the
operating performance of our company and our management team in
connection with our executive compensation and bonus plans. We also
review Adjusted EBITDA and 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 also
utilize Adjusted EBITDA and Free Cash Flow as an assessment of our
overall liquidity and our ability to meet our debt service
obligations.

We believe that Adjusted EBITDA, Free Cash Flow, Adjusted Net
Income and Cash Net Income are useful to investors to provide
disclosures of our operating results on the same basis as that used by
our management. We also believe that these measures can assist
investors in comparing our performance to that of other companies on a
consistent basis without regard to certain items which do not directly
affect our ongoing operating performance or cash flows. Adjusted
EBITDA, Free Cash Flow, Adjusted Net Income and Cash Net Income have
limitations as analytical tools, and you should not consider them in
isolation or as a substitute for net income, cash flows from operating
activities, and other consolidated income or cash flows statement data
prepared in accordance with accounting principles generally accepted
in the United States. Because of these limitations, Adjusted EBITDA
and Free Cash Flow should not be considered as measures of
discretionary cash available to us to invest in the growth of our
business, and Adjusted Net Income and Cash Net Income should not be
considered as a replacement for net income. We compensate for these
limitations by relying primarily on our GAAP results and using
Adjusted EBITDA, Free Cash Flow, Adjusted Net Income and Cash Net
Income as supplemental information.

About Syniverse

Syniverse Technologies (NYSE:SVR) makes it possible for over 500
communications companies in more than 100 countries to address market
changes and demands as they deliver everything from voice calls to
sophisticated data and video services. By ensuring that disparate
technologies and standards interoperate, Syniverse allows operators to
provide seamless, interactive mobile services to their subscribers
wherever and whenever they need them. Syniverse is headquartered in
Tampa, Florida, U.S.A., and has offices in major cities around the
globe. Syniverse is ISO 9001:2000 certified and TL 9000 approved,
adhering to the principles of customer focus and quality improvement
practices. More information is available at www.syniverse.com.

Cautions about Forward-Looking Statements

This press release contains forward-looking statements, including
statements about business outlook and strategy, and statements about
historical results that may suggest trends for our business. These
statements are based on estimates and information available to us at
the time of this press release and are not guarantees of future
performance. Actual results could differ materially from our current
expectations as a result of many factors, including: unpredictable
quarterly fluctuations in our business; the effects of competition or
consumer and merchant use of our service; any adverse changes in our
agreements with our listings providers; the impact of international
expansion efforts on our business; changes in our tax status; risks or
uncertainties inherent in or related to the integration of the
business we proposed to acquire (including unanticipated operating
costs and business disruptions following the proposed transaction);
our ability to secure financing for the proposed acquisition; the
timing or impact of any regulatory or governmental approvals;
satisfaction of the various closing conditions set forth in the share
purchase agreement for the proposed acquisition, and the timing of the
closing of the proposed acquisition. These and other risks and
uncertainties associated with our business are described in our
filings with the Securities and Exchange Commission.

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Syniverse Holdings Inc.
Reconciliation of Non GAAP Measures to GAAP (unaudited)

2007 2007
($ in millions) 2006 Low High
------- ------- -------
Reconciliation to adjusted EBITDA
Net income (loss) $ 89.7 $ 49.8 $ 51.1
Interest expense, net 25.5 23.6 23.6
Loss on extinguishment of debt 0.9 - -
Provision for income taxes (39.6) 31.9 32.6
Depreciation and amortization 41.2 42.9 42.9
Restructuring 1.0 2.2 2.2
SFAS 123R non-cash compensation 1.8 3.6 3.6
IOS North America transition expenses 0.8 - -
Facilities move expense 5.3 - -
Data processing contract termination fee 1.0 - -
Litigation settlement 0.4 - -
Non-operating gains (0.3) - -
------- ------- -------
Adjusted EBITDA $127.7 $154.0 $156.0
======= ======= =======

Reconciliation to adjusted net income and
cash net income
Net income (loss) $ 89.7 $ 49.8 $ 51.1
Add provision for income taxes (39.6) 31.9 32.6
------- ------- -------
Income (loss) before provision for income
taxes 50.2 81.7 83.7

Adjustments income (loss) before provision
for income taxes

Restructuring 1.0 2.2 2.2
Purchase accounting amortizations 17.8 18.8 18.8
SFAS 123R non-cash compensation 1.8 3.6 3.6
IOS North America transition expenses 0.8 - -
Facilities move expense 5.3 - -
Loss on extinguishment of debt 0.9 - -
Data processing contract termination fee 1.0 - -
Litigation settlement 0.4 - -
Non-operating gains (0.3) - -
------- ------- -------
Adjusted income (loss) before provision for
income taxes 78.9 106.3 108.3

Less assumed provision for income taxes at
39% (30.8) (41.5) (42.2)

Adjusted net income 48.1 64.8 66.1

Add cash savings of tax deductible
goodwill(1) 9.2 9.2 9.2

------- ------- -------
Cash net income $ 57.3 $ 74.0 $ 75.3
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1) Represents the cash benefit realized currently as a result of the
tax deductibility of goodwill amortization.
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Syniverse Technologies, Tampa
Investor Relations:
Jim Huseby, 813-637-5000
jim.huseby@syniverse.com

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