RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(Unaudited) (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 GAAP Net loss attributable to Synchronoss $(5,701) $(5,171) $(3,282) $(29,541) Less: Net (income) loss from discontinued operations — (8) — 1,634 GAAP Net (loss) income attributable to Synchronoss excluding discontinued operations (5,701) (5,179) (3,282) (27,907) Add / (Less): Stock-based compensation expense 3,021 1,038 5,376 3,889 Restructuring, transition and cease-use lease expense 157 203 2,957 3,561 Amortization expense1 273 272 819 806 Sublease receivable impairment — — 806 — STI Note receivable impairment — 4,834 — 4,834 Change in contingent consideration — 824 — 1,483 Litigation, remediation and refiling costs, net (425) 1,654 247 5,997 Non-GAAP Net (loss) income attributable to Synchronoss $(2,675) $3,646 $6,923 $(7,337) Non-GAAP Net (loss) income per share: Basic $(0.26) $0.37 $0.69 $(0.76) Diluted $(0.26) $0.35 $0.66 $(0.76) Weighted-average shares outstanding: Basic 10,095 9,809 9,994 9,716 Diluted 10,095 10,536 10,455 9,716 1 Amortization from acquired intangible assets.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited) (In thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net revenues $42,964 $39,790 $129,387 $122,794 Costs and expenses: Cost of revenues1 8,975 9,478 29,599 31,926 Research and development 10,333 9,304 32,560 35,322 Selling, general and administrative 13,755 20,285 39,800 53,507 Restructuring charges — 28 267 391 Depreciation and amortization 4,386 4,482 12,773 12,478 Total costs and expenses 37,449 43,577 114,999 133,624 Income (loss) from operations 5,515 (3,787) 14,388 (10,830) Interest income 165 149 556 370 Interest expense (5,526) (3,482) (12,529) (10,397) Other (expense) income, net (5,241) 4,456 (210) 1,213 (Loss) income from continuing operations, before taxes (5,087) (2,664) 2,205 (19,644) Provision for income taxes (628) (23) (3,939) (850) Net loss from continuing operations (5,715) (2,687) (1,734) (20,494) Discontinued operations: Income from discontinued operations, before taxes — 851 — 224 Provision for income taxes — (843) — (1,858) Net income (loss) from discontinued operations — 8 — (1,634) Net loss (5,715) (2,679) (1,734) (22,128) Net income (loss) attributable to redeemable non-controlling interests 14 (18) 14 10 Preferred stock dividend and gain on repurchase of preferred stock — (2,474) (1,562) (7,423) Net loss attributable to Synchronoss $(5,701) $(5,171) $(3,282) $(29,541) Earnings (loss) per share: Basic: Net loss from continuing operations $(0.56) $(0.53) $(0.33) $(2.87) Net loss from discontinued operations — — — (0.17) Basic $(0.56) $(0.53) $(0.33) $(3.04) Diluted: Net loss from continuing operations $(0.56) $(0.53) $(0.33) $(2.87) Net loss from discontinued operations — — — (0.17) Diluted $(0.56) $(0.53) $(0.33) $(3.04) Weighted-average common shares outstanding: Basic 10,095 9,809 9,994 9,716 Diluted 10,095 9,809 9,994 9,716 1 Cost of revenues excludes depreciation and amortization which are shown separately.
Except as otherwise indicated, these forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks relating to the Company’s ability to sustain or increase revenue from its larger customers and generate revenue from new customers, the Company’s expectations regarding expenses and revenue, the sufficiency of the Company’s cash resources, the impact of legal proceedings involving the Company, and other risks and factors that are described in the "Risk Factors” and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which is on file with the SEC and available on the SEC’s website at Additional factors may be described in those sections of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, expected to be filed with the SEC in the fourth quarter of 2024.
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Author / Journalist: Synchronoss Technologies, Inc.
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