Q2 Revenue Grew 6% Year-Over-Year to $43.5 Million, Including 90.5% Recurring Revenue GAAP Gross Margin Expands to 67.5%; Adjusted Gross Margin Rises to 77.5% Year-Over-Year, Net Income Increased by $11.1 Million, EPS Improved to $0.01 from $(1.13) and Adjusted EBITDA Improved 115% to $13.0 Million Retired the Company’s Preferred Stock, Reducing Total Net Debt and Cost of Capital, Using a New $75 Million Term Loan Facility BRIDGEWATER, N.J., Aug.06, 2024 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc.("Synchronoss” or the "Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, today reported financial results for its second quarter ended June 30, 2024.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net revenues $43,458 $41,019 $86,423 $83,004 Costs and expenses: Cost of revenues1 10,401 11,488 20,624 22,448 Research and development 11,896 13,274 22,227 26,018 Selling, general and administrative 12,788 17,256 26,045 33,222 Restructuring charges 48 21 267 363 Depreciation and amortization 4,028 4,064 8,387 7,996 Total costs and expenses 39,161 46,103 77,550 90,047 Income (loss) from operations 4,297 (5,084) 8,873 (7,043)Interest income 183 127 391 221 Interest expense (3,486) (3,461) (7,003) (6,915)Other income (expense), net 1,220 (268) 5,031 (3,243)Income (loss) from continuing operations, before taxes 2,214 (8,686) 7,292 (16,980)Provision for income taxes (2,708) (532) (3,311) (827)Net (loss) income from continuing operations (494) (9,218) 3,981 (17,807)Discontinued operations: Income (loss) from discontinued operations, before taxes — 951 — (627)Provision for income taxes — (251) — (1,015)Net income (loss) from discontinued operations — 700 — (1,642)Net (loss) income (494) (8,518) 3,981 (19,449)Net income attributable to redeemable noncontrolling interests 5 14 — 28 Preferred stock dividend and gain on repurchase of preferred stock 567 (2,475) (1,562) (4,949)Net income (loss) attributable to Synchronoss $78 $(10,979) $2,419 $(24,370)Earnings (loss) per share: Basic: Net income (loss) from continuing operations $0.01 $(1.21) $0.24 $(2.35)Net income (loss) from discontinued operations — 0.08 — (0.17)Basic $0.01 $(1.13) $0.24 $(2.52)Diluted: Net income (loss) from continuing operations $0.01 $(1.21) $0.24 $(2.35)Net income (loss) from discontinued operations — 0.08 — (0.17)Diluted $0.01 $(1.13) $0.24 $(2.52)Weighted-average common shares outstanding: Basic 10,042 9,685 9,942 9,669 Diluted 10,424 9,685 10,265 9,669 _________________________________1 Cost of revenues excludes depreciation and amortization which are shown separately.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(Unaudited) (In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 GAAP Net income (loss) attributable to Synchronoss $78 $(10,979) $2,419 $(24,370)Less: Net loss (income) from discontinued operations — (700) — 1,642 GAAP Net income (loss) attributable to Synchronoss excluding discontinued operations 78 (11,679) 2,419 (22,728)Add / (Less): Stock-based compensation expense 1,245 1,392 2,355 2,851 Restructuring, transition and cease-use lease expense 2,333 2,642 2,800 3,358 Amortization expense 273 273 546 534 Sublease receivable impairment 806 — 806 — Change in contingent consideration — 659 — 659 Litigation, remediation and refiling costs, net 291 2,384 672 4,343 Non-GAAP Net income attributable to Synchronoss $5,026 $(4,329) $9,598 $(10,983) Non-GAAP Net (loss) income per share: Basic $0.50 $(0.45) $0.97 $(1.14)Diluted $0.48 $(0.45) $0.94 $(1.14)Weighted-average shares outstanding: Basic 10,042 9,685 9,942 9,669 Diluted 10,424 9,685 10,265 9,669 _________________________________1 Amortization from acquired intangible assets.
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Author / Journalist: Synchronoss Technologies, Inc.
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