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  "notes": "The slide highlights Inteliquent as a key revenue driver for Sinch, supported by historical revenue data and acquisition financial disclosures.",
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      "text": "The second way Inteliquent makes money is by selling phone numbers in bulk to other traditional cellphone carriers. This is done by Inteliquent acquiring blocks of phone numbers from numbering authorities.",
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      "text": "Based on our financial analysis we believe that Inteliquent is Sinch's golden goose. While Sinch does not disclose revenue by subsidiary, we can see that Sinch's financials show that total revenue increased significantly following the Inteliquent acquisition...",
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      "text": "Inteliquent and its subsidiaries Onvoy, and Neutral Tandem, are not traditional cell phone carriers. Rather than selling phone plans directly to consumers, the company primarily operates in the wholesale communications market...",
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      "text": "In the twelve months ended December 31, 2020, Inteliquent recorded revenues of USD 533 million, Gross Profit of USD 256 million, EBITDA of USD 135 million, and capex of 32 million.",
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      "text": "In the twelve months ended December 31, 2020, Inteliquent recorded revenues of USD 533 million, Gross Profit of USD 256 million, EBITDA of USD 135 million, and capex of 32 million. Adjusted for a Covid-related uplift that is considered to be temporary, revenues are estimated to have been — Sinch Acquisition News Release",
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